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.

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