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1Consisted of:
Communications $ 4,544
Dues & subscriptions 335
Colombia office 15,091
Contract labor 2,700
Education 308
Total $22,978
For the year 2001, petitioners reported the following income
and expenses related to that activity on Schedule C of their
income tax return:
Income $ 3,000
Expenses:
Advertising $ 3,223
Car & truck expenses 13,721
Depreciation 1,669
Legal & professional 649
Office expenses 1,098
Travel 1,336
Other expenses 125,529
Total expenses $47,225
Loss ($44,225)
1Consisted of:
Communications $ 2,897
Bank charges 130
Dues & subscriptions 335
Colombia office 18,708
Tolls 386
Freight 73
Contract labor 3,000
Total $25,529
In the notice of deficiency, respondent disallowed the
Schedule C deductions claimed for both years. At trial,
petitioners conceded that the $3,000 reported gross income for
2001 was not related to the purported activity and was paid to
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Last modified: May 25, 2011