- 11 -
Net Profit and Losses
Allocated From LB Partnership
Year To Joseph To Robert
1983 ($10,199) ($10,199)
1984 ( 6,035) ( 6,035)
1985 5,713 5,713
1986 ( 9,436) ( 9,436)
1987 ( 8,112) ( 8,112)
1988 ( 15,394) ( 15,394)
Total ($43,463) ($43,463)
Petitioners' 1988 Tax Returns and Respondent's Audit
Petitioners filed Forms 4868 to extend to August 15, 1989,
the time to file their 1988 Federal income tax returns. On these
Forms 4868, petitioners estimated that for 1988 their respective
Federal income tax liabilities would be zero.
On August 15, 1989, petitioners filed their respective 1988
Federal income tax returns and reported thereon tax liabilities
of zero.
With their respective 1988 Federal income tax returns,
petitioners attached separate Schedule C's relating to the above-
described horse breeding and horse racing activities.
Petitioners reported on their respective 1988 Federal income tax
returns gross income, losses from their horse breeding and horse
racing activities, losses from the LB Partnership, and taxable
income, as follows:
Horse Horse
Breeding Racing Taxable
Petitioners Tax Returns Activity Activity LB Partnership Income
Joseph $ 99,798 ($35,258) ($17,621) ($15,394) $18,898
Robert* 150,000 ( 35,381) ( 17,749) ( 15,394) 45,475
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