Conrad Fitzgerald Lewis - Page 6

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               Petitioner renovated the commercial space before opening his           
          salon.  Petitioner’s commercial space consisted of three barber             
          chairs and six salon stations.  Petitioner leased out the barber            
          chairs and salon stations to licensed barbers and cosmetologists.           
          The average lease rentals for the barber chairs and salon                   
          stations were $60 and $100 per week, respectively.  One of the              
          cosmetologists to whom petitioner leased a salon station was Ms.            
          Lewis.                                                                      
               Ms. Lewis filed Federal income tax returns for the taxable             
          years 2000, 2001, and 2002.  Ms. Lewis attached a Schedule C,               
          Profit or Loss From Business, to each of her Forms 1040, U.S.               
          Individual Income Tax Return, for the taxable years 2000, 2001,             
          and 2002.  On her Schedules C for these years Ms. Lewis reported:           
          (1) Her principal profession as a cosmetologist, (2) her business           
          name as “Your Future Style”, and (3) the commercial space as the            
          address of “Your Future Style”.                                             
               Petitioner received interest income during taxable years               
          2000 and 2001 from Wachovia Bank of $20 and $12, respectively.              
          Petitioner also received interest income during taxable years               
          2000 and 2001 from Fort Jackson Federal Credit Union of $93 and             
          $29, respectively.  Petitioner did not report any of this                   
          interest income on his 2000 and 2001 Federal income tax returns.            
               On his 2000 Federal income tax return, petitioner claimed              
          dependency exemption deductions for KM, BW, and DD and child tax            






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