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accounting books and records for their Schedule F activities. Nor
did they keep formal business plans, forecasts, budgets, or “herd”
books for the cattle-raising or deer operations.
For purposes of calculating their Schedule F income or loss,
petitioners did not allocate revenue and expenditures between the
two ranches. Petitioners reported the following Schedule F income
and deductions from their activities conducted at the North and
South Ranches:
Year Revenues Sales of Property Deductions Gain/Loss
1976 $192 -0- $33,261 $(33,069)
1977 4,949 -0- 27,448 (22,499)
1978 9,414 -0- 34,419 (25,005)
1979 15,353 -0- 35,139 (19,786)
1980 -0- -0- 43,393 (43,393)
1981 33,737 -0- 67,398 (33,661)
1982 1,873 -0- 55,116 (53,243)
1983 21,394 $1,337 86,032 (63,301)
1984 40,368 -0- 64,025 (23,657)
1985 -0- -0- 77,811 (77,811)
1986 41,107 -0- 76,636 (35,529)
1987 53,110 17,538 66,775 3,873
1988 49,462 839 74,973 (24,672)
1989 49,795 -0- 195,063 (145,268)
1990 54,752 -0- 258,441 (203,689)
1991 7,475 16,648 310,548 (286,425)
1992 33,451 3,366 245,319 1(210,894)
1993 100,835 4,074 263,289 (158,380)
1994 14,599 3,414 202,550 (184,537)
1995 46,567 13,501 192,036 (131,968)
1996 80,294 15,598 152,295 (56,403)
1997 41,021 2,419 96,807 (53,367)
699,748 78,734 2,658,774 (1,882,684)
1 A computational error was made in determining petitioners’
net loss for 1992.
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