Describe the responsibilities under a contract model and the honest perspective that underlies tort law. Your response should be at least 200 words long. You are required to use at least your textbook as source materials for your response. All resources used, including the textbook, must be referenced; paraphrased and quoted materials must have associated citations. Hartman, L., DesJardins, J., & MacDonald, C. (2014). 1. Business ethics: decision making for personal integrity and interpersonal responsibility (3rd ed., pp.
95.60 payment was a reimbursement for that purchase. In the lack of corroborating evidence, we find his testimony about the disputed check to be unreliable and self-serving. See Tokarski v. Commissioner, 87 T.C. 76-77. Petitioner has didn’t introduce credible evidence that check No. 1009 constituted nontaxable income. To verify how respondent calculated petitioner’s gross receipts, respondent launched copies of petitioner’s AmSouth and Suncoast bank-account claims as well as the income agent’s spreadsheets. 1,000 from Ms. Lee to petitioner. Petitioner transferred check No. 213 into his AmSouth accounts during 2004, however the check was came back, for insufficient funds presumably.
1,000 as well as the amounts discussed supra pp. 28,815 for 2004 and 2005, respectively, that he should have reported on Schedules C. B. Petitioner’s Unreported Interest Income Section 61(a)(4) includes interest in a taxpayer’s gross income. 208 in 2004 and 2005, respectively. 61, we maintain respondent’s determinations with regards to the interest income from Suncoast. III. Business Expenses Generally, a taxpayer is entitled to deduct normal and necessary expenditures paid or incurred in holding on a trade or business. Sec. 162(a);Am. Stores Co. v. Commissioner, 114 T.C. A cost is necessary if it’s appropriate and ideal for the development of the business. See Commissioner v. Heininger, 320 U.S. Personal, living, or family expenditures generally are not deductible.
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See sec. 262(a). Deductions are a matter of legislative elegance, and normally a taxpayer must prove that he is entitled to the deductions he promises. INDOPCO, Inc. v. Commissioner, 503 U.S. A taxpayer must maintain information to substantiate stated deductions and to establish the taxpayer’s appropriate tax responsibility. Higbee v. Commissioner, 116 T.C. 440; see sec also.
6001. The taxpayer must produce such information upon the Secretary’s request. Sec. 7602(a); see also sec. 1.6001-1(e), TAX Regs. Higbee v. Commissioner, 116 T.C. 440; see also Hradesky v. Commissioner, 65 T.C. In deciding whether a taxpayer substantiated a stated deduction sufficiently, we aren’t required to acknowledge the taxpayer’s “self-serving, unverified, and undocumented testimony.” Shea v. Commissioner, 112 T.C. 183, 189 (1999). Whenever a taxpayer establishes that he paid or incurred a deductible expense but will not establish the quantity of the expense, we may calculate the amount of the deductible expense.
However, we cannot estimate the total amount unless the taxpayer introduces proof that he paid or incurred the trouble and the data is sufficient for all of us to develop an acceptable estimation. In estimating the total amount, we bear greatly upon the taxpayer who didn’t maintain and produce the required records. Whenever a taxpayer’s records have been ruined or lost due to circumstances beyond the taxpayer’s control, the taxpayer may substantiate his expenses by making a reasonable reconstruction of the utilization or expenses.
See sec. 1.274-taxpayer is required to reconstruct what records he can. See, e.g., Chong v. Commissioner, T.C. 7 he must nevertheless substantiate his expenditures through supplementary proof. See Boyd v. Commissioner, 122 T.C. 305, 320 (2004). While we recognize that petitioner held some records 8 and that he testified that other records were lost or ruined, he still got an responsibility to substantiate his expenditures. Petitioner testified that he paid laborers and purchased materials for work on his construction projects, but his testimony was vague and unspecific and we think it is insufficient to provide a basis for estimating the expenses. In the lack of corroborating proof, we are not required to acknowledge petitioner’s testimony. See Tokarski v. Commissioner, 87 T.C.