-2-
After concessions,2 the issue for decision is whether
petitioner is entitled to deduct on Schedule C, Profit or Loss
From Business, certain expenses in excess of those respondent
conceded.
FINDINGS OF FACT
Some of the facts have been stipulated and are so found.
The stipulation of facts, the exhibits attached thereto, and the
stipulation of settled issues are incorporated herein by this
reference. At the time he filed his petition, petitioner resided
in Modesto, California.
During 2004, petitioner owned his own commercial truck and
was self-employed as a truck driver. Petitioner used his truck
to transport cargo throughout the San Francisco Bay area for one
client, GSC Logistics. While not making deliveries, petitioner
parked his truck at a yard owned by GSC Logistics. He traveled
between his residence and the yard using his Ford Mustang. On
his 2004 Form 1040, U.S. Individual Income Tax Return, petitioner
claimed $82,428 of Schedule C expenses with respect to his truck
driving. On July 19, 2006, respondent issued petitioner a notice
of deficiency, disallowing $71,723 of those expenses.
1(...continued)
to the nearest dollar.
2Respondent conceded that petitioner is entitled to $42,648
of Schedule C expenses. Respondent further conceded that
petitioner is not liable for a sec. 6662(a) penalty.
Page: Previous 1 2 3 4 Next
Last modified: March 27, 2008