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State and local taxes $ 5,212
Home mortgage interest 17,740
Casualty and theft losses 21,127
Job expenses and misc. deductions 20,383
(in excess of the sec. 67(a) limit)
Total $64,462
Petitioners’ Schedule C claimed the following income and
expenses:
Gross income $15,500
Expenses: 26,934
Advertising $ 550
Car & truck expenses 5,044
Rent (other business 12,000
property)
Supplies 1,240
Other expenses 8,100
Net loss ($11,434)
In the notice of deficiency, respondent made the following
adjustments to petitioners’ tax return:
Schedule A:
(a) Disallowed the $21,127 casualty and theft loss.
(b) Disallowed the $20,383 job expenses and
miscellaneous deductions.
Schedule C:
(a) Disallowed the $12,000 rent (other business
property).
(b) Disallowed the $5,044 car and truck expenses.
(c) Disallowed the $8,100 other expenses.
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Last modified: May 25, 2011