- 8 - 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:Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011