The court Case top right hand corner. Am I reading this correctly, the TP intentionally reported $8400 of gross rent but in reality the TP received $6000 of gross rent? That is twist from under reporting income.
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TTB RENTAL EXAMPLE Pp. 7-8 top right column
1. The summary is correct.
2. The issue was personal use of the rental property prompted by the difference between what was reported, and what the TP's parents actually paid. What was paid was determined to be below market rent.
3. The other case summarized on the TTB Page, 7-8 (top right column) has a somewhat different tax facts.
4. I wonder if there is a market for a binder of all tax court cases cites in TTB editions.....and yes, I am one who normally prints up those cases.Friends double; family triple. Don't buy an audit for yourself. If someone has to go to jail make sure it is the client. Remember it is only taxes, nothing important.
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