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whether the expenses related to petitioners' horse breeding
activity or to petitioners' horse racing activity.
The schedule below sets forth, for each of the years 1980
through 1988, combined net income, expenses, and losses of
petitioners' horse breeding and horse racing activities, as
reflected by petitioners on their individual Federal income tax
returns:
Year Income Expenses Losses
1980 $ -0- $ 37,474 $ 37,474
1981 17,566 63,034 45,468
1982 43,050 202,386 159,336
1983 48,820 263,952 215,132
1984 24,106 180,234 156,128
1985 2,250 175,314 173,064
1986 -0- 133,140 133,140
1987 934 106,998 106,064
1988 4,132 110,141 106,009
Total $140,858 $1,272,673 $1,131,815
The schedule below reflects for 1980 through 1989, where
indicated in the record, Joseph's income from sources other than
horse breeding and horse racing activities and Joseph's share of
the above losses of petitioners' horse breeding and horse racing
activities as reflected on Joseph's individual Federal income tax
returns:
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Last modified: May 25, 2011