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Respondent determined a deficiency in petitioners' Federal
income tax for the taxable year 1994 in the amount of $3,109.
After concessions by the parties,2 the issues for decision
are as follows:
(1) Whether petitioners' tobacco barn is section 179
property; and,
(2) What is the applicable recovery period for petitioners'
tobacco barn.
FINDINGS OF FACT
Some of the facts have been stipulated, and they are so
found. Petitioners resided in Richmond, Kentucky, at the time
that their petition was filed with the Court.
Petitioners own a 187-acre farm on which they grow burley
tobacco and raise beef cattle. In addition, petitioners grow a
(...continued)
issue, and all Rule references are to the Tax Court Rules of
Practice and Procedure.
2 Petitioners concede an adjustment regarding the
applicable depreciation method, recovery period, and convention
with respect to a concrete septic tank. Further, petitioners
concede an adjustment for Schedule F mortgage interest in the
amount of $3,217. Respondent concedes that petitioners are
entitled to Schedule A deductions for State and local taxes in
the amount of $1,026, home mortgage interest in the amount of
$3,217, medical expenses in the amount of $2,243 to the extent
such amount exceeds 7.5 percent of adjusted gross income, and
charitable contributions in the amount of $3,123. Finally, the
parties agree that the earned income credit adjustment is purely
computational.
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