Search Help


Enter one of more keywords to search. Use quotes for “exact phrase.” Note that '*' and '?' wildcards are supported.

When your search results appear, you can refine your search further: Sort for only results in which all search terms appear AND/OR sort by chronological order.

Article Date:
March 2007


Word Count:
398

 

 

Bad Records Cost $78,775


Kai-Chung C Lam, a certified financial planner, owned and operated two businesses in Cordova, Tennessee: (1) an investment and insurance business, and (2) a real estate business. Lam prepared his own tax returns.

 

The issue before the court was whether Lam had the documents he needed to prove the following deductions for the years being contested:

 

1.

$53,371 repairs and maintenance

2.

$52,366 supplies

3.

$48,486 bad debts

4.

$19,579 office expenses

5.

$4,463 insurance

6.

$650 interest

7.

$12,583 taxes and licenses

8.

$7,552 depreciation

9.

$693 advertising

10.

$1,601 legal and professional

11.

$18,272 car and truck

12.

$15,979 travel

13.

$5,390 meals and ... Log in to view full article.

Log in to view full article
Already a subscriber?
 
Email Address

 
Password

Log In Send me my password

You'll be able to read the full article and get instant access to the last few issues of the Tax Reduction Letter

Not yet a subscriber?
 
with a money-back guarantee



 

SS