Pennsylvania BFR Grants Individual Income Tax Petition Reducing Net Gains Income

The Pennsylvania Board of Finance and Revenue (BFR) issued a decision granting taxpayer’s petition for review of his personal income tax assessment. The taxpayer contested adjustments made by the Department to his net gain income. The taxpayer asserted that the adjustment to his business income totally disregarded the loss from the sale of business assets that he reported on his PA Schedule C, and that the loss should instead have been shown on the PA Schedule D and reported as net gains. The BFR found that the taxpayer had provided sufficient evidence to show that the loss from the sale ...