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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.
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Last modified: March 27, 2008