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Petitioner began working for Wal-Mart while he was in
college, and he retired from Wal-Mart after 25 years of service
in 1995.
Schedule F Results
The 1992 and 1993 Schedules F show the following items of
income, deductions, and losses:
1992 1993
Farm Income
Livestock, produce, $7,000 --
grains, and
products raised
Other income 36,801 $21,228
Gross income $43,801 $21,228
Farm Expenses
Custom hire 4,675 11,286
Depreciation 73,601 83,327
Feed 22,907 21,140
Fertilizers -- 2,731
Gasoline 4,167 4,651
Insurance 6,225 5,047
Interest 29,478 25,409
Labor 31,752 39,130
Repairs 7,808 8,417
Supplies 12,105 --
Taxes 3,494 6,266
Utilities 2,426 4,992
Veterinary 3,482 6,672
Horse show expenses 47,722 41,088
Legal & accounting 520 560
Sale expenses 950 --
Horse shoeing 1,230 --
Tenant house 3,243 --
Dues -- 210
Practice work -- 12,277
Travel -- 14,897
Meals & ent.@ 80% 1,854 3,041
Total expenses 257,639 291,141
Net farm profit (213,838) (269,913)
(or loss)
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Last modified: May 25, 2011