- 3 - 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 101,024Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 Next
Last modified: May 25, 2011