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petitioners claimed a basis of $50,000 in the 120-acre
parcel.
Petitioners engaged in a variety of activities on the
5-, 40-, and 120-acre parcels during the years in issue,
including growing Christmas trees, raising fish, preparing
timber for harvest, and planting row crops. Petitioners
also placed a portion of the property in various Government
subsidy programs, received disaster relief payments in
connection with a portion of the land, and made depreciable
improvements to the land. Petitioners treated these
activities as "farm activities" and reported the following
income and expenses from these activities for the years in
issue:
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Last modified: May 25, 2011