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Telephone 2,735
Fuel 10,222
In the notice of deficiency for taxable year 2002,
respondent disallowed deductions for: all legal and professional
fees; all travel expenses; all employee benefit programs
expenses; and all commissions and fees. Respondent also
disallowed $4,484 of the $11,210 deducted for repairs and
maintenance expenses, and $5,448 of the $20,785 deducted for
other expenses.
In addition to the disallowed Schedule C business expense
deductions, respondent disallowed dependency exemptions claimed
for both Raphael and Caroline Nwankwo.
Taxable Year 2003
For taxable year 2003, petitioners reported the following
income and expenses related to Mr. Nwankwo’s trucking business on
their Schedule C:
Income: $80,633
Expenses:
Depreciation 1,238
Employee benefit programs 2,040
Insurance 4,101
Legal & professional 1,861
Repairs & maintenance 15,210
Taxes & licenses 3,412
Travel 4,102
Other expenses* 37,771
Profit 10,898
*Consisted of:
Tolls and parking 5,115
Uniforms and cleaning 2,853
Telephone 3,352
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Last modified: May 25, 2011