James R. and Myrtice L. Peacock - Page 9




                                        - 9 -                                         
          Trailer park income      -0-      159,483   54,555      -0-                 
          Loss on sale of condo.   -0-      (9,896)     -0-       -0-                 
          Loss on sale of land     -0-        -0-     (5,600)     -0-                 
          Gross receipts1         337,412      -0-       -0-     531,422              
          Cost of goods sold       -0-        -0-       -0-    (198,809)              
          Total income         337,412   515,584   407,425    332,613                 
          Total deductions       314,109   820,559   655,972    330,542               
          Ordinary income (loss)  23,303  (304,975) (248,547)     2,071               
               1 The 1994 gross receipts include $116,135 of income                   
          attributable to the fishing activity.  (The record does not                 
          disclose the specific source of that income.)  The 1997 gross               
          receipts include tournament winnings of $117,954.                           
          PMSI’s expenses related to the fishing activity’s income were as            
          follows:                                                                    
               Expense            1994     1995     1996    1997                      
               Tournament fees       $65,645  $49,375  $71,975 $59,350                
               Boat supplies           7,010    8,079   16,451   5,946                
               Tackle & bait           2,203   11,439    6,314    -0-                 
               Marina fees            11,786   17,146   19,611   8,855                
               Fuel                   14,489   14,300   32,109  16,011                
               Lodging & travel       12,623   27,407   26,359  29,380                
               Contract labor          7,650    6,555      725  10,236                
               Professional fees      54,711   24,394      -0-    -0-                 
               Depreciation           66,277  119,298   98,139  84,616                
               Insurance              41,723    5,985    8,637    -0-                 
               Interest expense         -0-    42,150   33,609  25,561                
               Meals/entertainment      -0-     3,022      -0-    -0-                 
               Officer compensation     -0-     7,000   19,500  25,500                
               Permits                  -0-       567      658    -0-                 
               Salaries                 -0-     9,800   39,100  66,531                
               Repairs & maintenance    -0-    21,746   22,727  25,030                
               Taxes                    -0-     2,263    4,482    -0-                 
               Charter fees             -0-     9,814    3,615   2,500                
               Miscellaneous            -0-    13,415   12,275   7,619                
               Total               284,117  393,755  416,286 367,135                  
          PMSI’s claimed losses from the fishing activity were $168,042 for           
          1994, $270,755 for 1995, $307,016 for 1996, and $249,181 for                
          1997.  In late 1997, PMSI stopped participating in the                      





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Last modified: May 25, 2011