-6- his harpooning skills. Mr. Lamb has received three laser treatments on his left eye and two laser treatments on his right eye in the hope of slowing the progression of diabetic retinopathy. For the taxable years 1988 through 1993, the following gross receipts, expenses, and losses from Mr. Lamb’s tuna fishing activity are reflected on Schedule C of petitioners’ Federal income tax returns: Gross Depreciation Other Year Receipts Deductions Expenses Losses 1988 $2,460 $15,709 $8,293 1$22,349 1989 2 2 2 2 1990 1,025 20,239 2,649 21,863 1991 -- 14,156 897 15,053 1992 -- 10,111 1,080 11,191 1993 -- 10,204 1,008 11,212 Total $3,485 $70,419 $13,927 $81,668 1The total loss figure is slightly greater than the total of its components. This discrepancy is unexplained. 2No Schedule C was attached to petitioners’ 1989 Federal income tax return. Mr. Lamb did not conduct any commercial tuna fishing after 1993. Petitioners did not report Mr. Lamb’s tuna fishing as a business activity on their 1994 income tax return. Mr. Lamb’s Other Business Ventures On August 5, 1965, Mr. Lamb incorporated Marriner Lumber Co. (Marriner Lumber) in Brunswick, Maine. Marriner Lumber’sPage: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 Next
Last modified: May 25, 2011