- 8 -
1987 1988 1989 1990 1991
Office -- -- -- (162) --
Advertising (13) -- -- -- --
Net income (loss) (49,678) (64,786) (42,595) (35,372) (14,387)
In 1992 and 1993, petitioners incurred net losses from
these activities in the amounts of $12,847 and $14,140,
respectively.
For 1987, 1988, and 1989, petitioners reported the
above losses on Schedules F, Farm Income and Expenses, that
are attached to their individual income tax returns for
those years. For 1990 and 1991, petitioners treated their
"farm activities" as having been conducted through a
partnership, R.C. Enterprises (RC), in which each of them
held a 50-percent interest. The partnership reported the
income and expenses from petitioners' farm activities on
Schedules F attached to the partnership's returns for 1990
and 1991. Petitioners then reported their distributive
shares of the partnership losses on Schedules E, Income or
Loss From Partnership and S Corporation, filed with their
individual returns for those years.
The following is a discussion of each of the
activities that petitioners undertook in connection with
their land.
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