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related activity on Schedules C of their Federal income tax returns:
Year Gross Receipts (Loss)
1980 -0- $(1,825)
1982 -0- (435)
1984 $136 (22,690)
1986 5,375 (44,320)
1987 13,832 (46,440)
1988 5,935 (39,684)
1989 3,434 (38,602)
1990 2,306 (33,662)
1991 14,388 (89,355)
1992 33,280 (106,041)
1993 39,662 (96,738)
1994 40,485 (62,142)
1995 19,824 (80,205)
1996 26,630 (67,605)
1997 24,931 (95,432)
1998 52,492 (63,087)
Total $282,710 $(888,263)
Petitioners’ returns for 1994, 1995, and 1996 reported, on
Schedule E, Supplemental Income and Loss, losses from Sun State
Farms. Their returns for the years in issue reported, on
Forms 4797, Sales of Business Property, the following sales of
horses:
1994 2 horses @ $1,000
1995 1 horse @ $500
1 horse @ $1,000
1 horse @ $1,500
1 horse @ $2,000
Only two of the horses were sold for more than they cost, for a
combined profit of $333.
Petitioners’ 1994 return was signed by petitioner on
February 18, 1997.
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Last modified: May 25, 2011