- 2 - incorporated herein by this reference. At the time that the petition was filed, petitioners resided in Midland, Texas. Petitioners are husband and wife. References to petitioner are to Tommy W. Busbee. The issue to be decided is whether petitioners’ fishing activity constituted an activity engaged in for profit pursuant to section 183 for the taxable years in issue. During the years in issue, petitioner was employed full time as a safety representative for Parker and Parsley. Petitioner wife was also employed full time and worked as a receiving and shipping clerk for Sam’s Club. In the late 1980's, petitioners began investigating several bass fishing tournament organizations in order to see whether hosting bass fishing tournaments was an activity in which they could earn income for their eventual retirement.1 In the course of their inquiry, petitioners spoke with Tommy Taylor (Mr. Taylor), the president of the Couples Association of Sport Tournaments (CAST). CAST, a sole proprietorship operated by Mr. Taylor, organized and hosted bass fishing tournaments 1 Petitioners first began bass fishing around 1978, and petitioner has been a member of several recreational bass fishing organizations over the past several years. He has also served as the vice president of the High Sky Bass Club and as a board member of the Permian Basin Black Bass Invitational and of Texas Black Bass Unlimited.Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 Next
Last modified: May 25, 2011