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petitioner reported the following wages, tips, and other
compensation from his employment with State Farm during the
years in issue:
Year Compensation
1987 $188,435.47
1988 190,949.62
1989 211,946.06
1990 188,581.07
1991 186,605.22
Real Property and Related Activities
Sometime during the late 1970's, petitioners purchased
approximately 5 acres of real estate located in Calhoun
County, Michigan (the 5-acre parcel). Shortly after
purchasing the property, petitioners constructed a house
on the property which they used as their personal residence
during each of the years in issue.
Circa 1981, petitioners purchased approximately 40
acres of real estate (the 40-acre parcel) contiguous to
the 5-acre parcel. Prior to petitioners' purchase of this
40-acre parcel, the previous owner had raised cattle on the
land. According to the depreciation schedules attached to
their returns, petitioners claimed an aggregate basis of
$45,000 in the 40- and 5-acre parcels.
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