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Auto and travel 692
Cleaning and maintenance 2,862
Commissions 915
Insurance 248
Management fees 221
Repairs 368
Supplies 492
Taxes 2,448
Utilities 624
Depreciation expense or depletion 2,125
Income (Loss) (1,820)
IIC Mortgages
Royalty income received 14,397
Equity Investments
Royalty income received 1,705
Inwood Investment Club
Royalty income received 2,601
Personal Exemptions
In computing taxable income on the Nov. 10 return,
petitioner claimed a deduction for two personal exemptions.
Taxable Income and Tax
The Nov. 10 return shows taxable income of $33,470 and tax
of $5,021.
1999 Tax Return
Petitioner filed no Federal income tax return for 1999.
OPINION
I. Deficiency in Tax
A. Arguments of the Parties
Petitioner relies on the accuracy of the Nov. 10 return.
Except with respect to petitioner’s report of capital gain
income, respondent agrees with the items of gross income
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Last modified: May 25, 2011