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As previously stated, petitioner did not report any interest
income on his 2000 Federal income tax return.
On his 2001 Federal income tax return petitioner claimed
dependency exemption deductions for KM, BW, and DD and child tax
credits for KM, BW, and DD, as the qualifying children. Also,
petitioner attached to his 2001 Federal income tax return a
Schedule C. On his Schedule C, for taxable year 2001, petitioner
reported $5,000 of business income from the business and deducted
$25,440 in business expenses, which resulted in a reported
business loss of $20,440.4 As previously stated, petitioner did
not report any interest income on his 2001 Federal income tax
return.
On his 2002 Federal income tax return petitioner claimed
dependency exemption deductions for KM, BW, and DD and child tax
credits for KM, BW, and DD, as the qualifying children. Also,
petitioner attached to his 2002 Federal income tax return a
Schedule C. On his Schedule C, for taxable year 2002, petitioner
reported $1,352 of business income from the business and deducted
$8,631 in business expenses, which resulted in a reported
business loss of $7,279.5 Furthermore, petitioner attached a
4The record in this case did not contain an itemized list of
petitioner’s Schedule C business expenses for taxable years 2001
and 2002.
5See supra note 4.
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