- 8 - corporation losses in Schedules E of petitioners' 1995 and 1996 returns. Petitioners reported the following amounts of wage income in their returns for 1991 through 1996: Year Wage Income 1991 $71,659 1992 72,345 1993 84,565 1994 84,167 1995 99,366 1996 107,030 Total 519,132 The following income, expenses, and losses from the roping horse activity were reported in petitioners' returns for the years 1991 through 1994 and in Rafter H's returns for the years 1995 and 1996: Year Income Expenses Losses 1991 -0- $19,915 $19,915 1992 $600 35,108 34,508 1993 1,000 45,344 44,344 1994 -0- 29,712 29,712 1995 901 26,949 26,048 1996 -0- 24,705 24,705 Totals 2,501 181,733 179,232 Respondent determined in the notice of deficiency (notice) that petitioners are not entitled to the expenses with respect to the roping horse activity in the amounts of $35,108 and $45,344 that they claimed in Schedules C of their 1992 and 1993 returns, respectively.2 2 The parties stipulated that if the Court were to determine that petitioners engaged in the roping horse activity (continued...)Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 Next
Last modified: May 25, 2011