Rick D. Lamb and Susan L. Story - Page 8

                                        - 7 -                                         
               1999                                                                   
               Car & truck expenses                         $ 1,571                   
               Depreciation                                   6,110                   
               Insurance (other than health)                  1,705                   
               Interest (other than mortgage)                    12                   
               Office expenses                               15,740                   
               Taxes & licenses                               1,752                   
               Travel                                        11,581                   
               Meals & entertainment (net)                    1,307                   
               Utilities                                      2,609                   
               Other expenses1                                 7,925                  
               Total                                     $50,312                      
               1A conglomeration of expenses that includes meals and                  
          lodging, hotel rooms, fuel, books/journals, postage stamps, and             
          seven items for petitioner Susan Story totaling $2,017.                     

               2000                                                                   
               Car & truck expenses                         $ 9,126                   
               Depreciation                                   6,302                   
               Interest (other than mortgage)                   186                   
               Office expenses                               10,032                   
               Taxes & licenses                               1,510                   
               Travel                                         9,628                   
               Meals & entertainment                            189                   
               Utilities                                      2,048                   
               Other expenses                                 2,707                   
               Expenses (business use of home)                2,007                   
               Total                                     $43,735                      
               Negative Schedule C gross income                 500                   
               Total                                     $44,235                      

               In the notice of deficiency, respondent disallowed $47,299             
          of the $50,312 in deductions claimed on the 1999 Schedule C.  For           
          the year 2000, respondent disallowed the $1,700 adjustment for              
          cost of goods sold,5 which petitioner conceded at trial, and                

               5At trial, the parties settled the Schedule D adjustment for           
          1999.  On their return, petitioners reported capital gain income            
                                                             (continued...)           





Page:  Previous  1  2  3  4  5  6  7  8  9  10  11  12  13  14  Next

Last modified: May 25, 2011