Janet A. Phillips - Page 6

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          stipulated the $203 petitioner received as a registered                     
          shareholder of Tyson Foods, Inc., separate from her participation           
          in that corporation’s stock purchase plan.  Certified business              
          records admitted into evidence by the Court substantiate the                
          $52,327.73 in unreported wage income paid to petitioner by Tyson            
          Sales and Distribution, Inc., and $227.64 in dividends paid to              
          petitioner by Tyson Foods, Inc, under a stock purchase plan.                
          II.  Petitioner’s Entitlement to Deductions                                 
               At trial, and in her brief, petitioner asserts, without                
          providing any detail, that she should be allowed deductions.                
          Respondent concedes that petitioner is allowed to claim the                 
          standard deduction in conjunction with single filing status but             
          asserts that petitioner has provided no evidence to support                 
          itemized deductions or any other deductions.                                
               Deductions are a matter of legislative grace, INDOPCO Inc.             
          v. Commissioner, 503 U.S. 79, 84 (1992), and the taxpayer must              
          maintain adequate records to substantiate the amounts of any                
          deductions, sec. 6001; sec. 1.6001-1(a), Income Tax Regs.                   
          Because petitioner has provided no evidence to substantiate any             
          itemized deductions that exceed the standard deduction allowed by           
          respondent in the notice of deficiency, petitioner is allowed the           
          standard deduction for her 2004 taxable year.                               

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Last modified: March 27, 2008