- 3 -
Mrs. Holowinski read a book entitled "How to Make Money in
Antiques". Mr. Holowinski spoke with an accountant, Alan Myers
(Mr. Myers), about bookkeeping and tax matters.
In April 1992, petitioners began buying antique glassware.
Petitioners continued to purchase antique glassware throughout
the years in issue, focusing primarily on glass produced by a
company named Westmoreland Glass (Westmoreland) that conducted
business from 1875 to 1985. Petitioners traveled to antique
conventions and to antique shops throughout the central United
States in search of Westmoreland glassware. Petitioners' travels
took them to various States including Kansas, Ohio, Tennessee,
Iowa, Nebraska, Oklahoma, Texas, Arkansas, and Illinois.
Petitioners envisioned purchasing glassware for approximately 40
to 50 percent of its potential resale value. During the taxable
years 1992, 1993, and 1994 petitioners spent $7,173, $7,471, and
$4,144, respectively, for glassware. Petitioners stored the
glassware in their home, placing the inexpensive pieces in their
basement and the more valuable pieces upstairs where the
temperature remained constant. Some glassware was displayed on
the walls of various living areas of petitioners' home and in
china cabinets.
Mrs. Holowinski spent approximately 40 hours per week on the
antique glassware sales activity, which petitioners called Albe's
Antiques, and Mr. Holowinski spent 20 to 30 hours per week.
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 Next
Last modified: May 25, 2011