- 4 -
Gross Total Net profit
Year income expenses or (loss)
1991 $347,239 $166,448 $180,791
1992 338,812 179,465 159,347
1993 361,316 179,467 181,849
1994 337,346 194,984 142,362
1995 433,447 194,278 239,169
1996 329,884 163,415 166,469
In 1993 and 1994, Dr. Hillman also reported on Schedule C
consulting fees in the amounts of $5,000 and $10,000,
respectively.
On their joint returns for the 1991, 1992, 1993, 1994, 1995,
and 1996 taxable years, petitioners reported an activity
described as “show horses” on Schedule C. Since 1991,
petitioners have reported the following income and expenses with
respect to their show horse activity:
Gross Total Net profit
Year income expenses or (loss)
1991 $0 $14,964 ($14,964)
1992 0 17,386 (17,386)
1993 0 19,383 (19,383)
1994 0 17,775 (17,775)
1995 150 17,222 (17,072)
1996 1,000 11,086 (10,086)
Total 1,150 97,816 (96,666)
The expenses that petitioners claimed with respect to their
show horse activity consisted of the following items and amounts:
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011