- 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