- 2 - Respondent determined a deficiency of $2,596 in Federal individual income tax against petitioners for 2003. After concessions by petitioners,2 the issues for decision3 are: (1) Whether petitioners are entitled to any depreciation deductions claimed on Schedule C, Profit or Loss From Business, and if so, then in what amount; and (2) whether petitioners are entitled to any vehicle insurance deduction in excess of their claimed (and allowed) standard mileage rates in connection with the Schedule C activity and, if so, then in what amount. Background The stipulation and the stipulated exhibits are incorporated herein by this reference. 2 Petitioners concede that: (1) Their Schedule C gross income was $2,888, as determined in the notice of deficiency, and not $831, as stated on their tax return, and (2) they are entitled to an itemized deduction of $11,055 for home mortgage interest and points, as determined in the notice of deficiency, and not $15,288, as stated on their tax return. 3 The other adjustments (relating to the 2-percent floor on certain itemized deductions, and a claimed credit for certain retirement savings contributions) are computational only; their resolutions depend on our determinations as to the issues for decision.Page: Previous 1 2 3 4 5 6 7 8 9 10 NextLast modified: March 27, 2008