- 20 -
income, expenses, and loss from that horse activity:
Year Income Expenses Loss
1988 -- $3,648 $3,648
1989 -- 10,253 10,253
Schedule F of petitioner's return for each of the years 1990
through 1994, during which he was involved in both his horse
activity and his cattle activity, did not show separately the
income and expenses attributable to each such activity. Instead,
those schedules reflected the following aggregate income, ex-
penses, and losses from both of those activities:
Aggregate Aggregate Aggregate
Year Income Expenses Losses
1990 -- $7,780 $7,780
1991 $1,024 20,612 19,588
1992 1,017 29,708 28,691
1993 61,27513 72,32814 11,053
1994 1,083 38,561 37,478
All of the income that petitioner reported in Schedules F of
his 1991, 1992, and 1994 returns and $1,275 of the income that he
reported in Schedule F of his 1993 return were attributable to
his cattle activity and represented income that he received
during each of those years from the sale of calves. During 1991,
petitioner incurred expenses of $1,024 in connection with his
13 The aggregate income reported in Schedule F of petitioner's
1993 return included an unexplained income item of $60,000 that
petitioner reported as "Other income".
14 The aggregate expenses reported in Schedule F of petitioner's
1993 return included an unexplained interest expense of $29,202.
Page: Previous 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 NextLast modified: May 25, 2011