Karen L. Thorpe, (1998)

Extract

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Karen L. Thorpe, (1998)

T.C. Memo. 1998-123

UNITED STATES TAX COURT KAREN L. THORPE, Petitioner v. COMMISSIONER OF INTERNAL REVENUE, Respondent Docket Nos. 20798-96, 20970-96.1 Filed March 30, 1998.

Karen L. Thorpe, pro se.

William J. Gregg, for respondent.

MEMORANDUM FINDINGS OF FACT AND OPINION RUWE, Judge: In these consolidated cases, respondent determined deficiencies in petitioner's Federal income taxes and accuracy-related penalties as follows:

Accuracy-related Penalty Year Deficiency Sec. 6662

1993 $7,686 $149

1994 8,776 1,626

After concessions,2 the issues remaining for decision are: (1) Whether petitioner is entitled to reduce gross receipts in her wholesale activity by certain amounts for cost of goods sold; (2) whether petitioner is entitled to deduct various expenses incurred in her wholesale and consulting activities; (3) whether petitioner is en...

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