Timothy Thomas and Janice Kathleen Kuberski - Page 6




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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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