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On March 19, 2002, petitioners filed a joint 2000 Form 1040,
U.S. Individual Income Tax Return (the 2000 tax return). On
Schedule C of the 2000 tax return, petitioners reported gross
receipts of $77,894 and the following business expenses:
Advertising $850
Car and truck expenses 6,890
Office expenses 3,875
Rent or lease
Vehicles, machinery, & equipment 15,400
Supplies 22,450
Taxes and licenses 100
Travel, meals, and entertainment 1,175
Wages 14,250
Other expenses 1,225
Total 66,215
Accordingly, petitioners reported net profit of $11,679,
representing the total income reported by petitioners on the 2000
tax return.
On April 15, 2002, petitioners filed a joint 2001 tax return
(the 2001 tax return). On Schedule C of the 2001 tax return,
petitioners reported gross receipts of $114,589 and the following
business expenses:
Advertising $450
Car and truck expenses 5,710
Office expenses 3,650
Rent or lease
Vehicles, machinery, and equipment 26,400
Supplies 31,642
Travel, meals, and entertainment 1,572
Wages 30,650
Other expenses 950
Total 101,024
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Last modified: May 25, 2011