- 4 - 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.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