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I. Petitioners’ Income And Expenses
Petitioners do not recall whether their horse breeding
activity ever resulted in any net income. The following is a
summary of petitioners’ gross receipts, expenses, and net losses
from their NSA activity and horse breeding activity, as reported
on petitioners’ Schedules F for the years 1992-1998:
Year NSA Activity Horse Activity Combined Operations
Gross Expenses Gross Expenses Gross Expenses Net Gain
Receipts Receipts Receipts (Loss)
1992 $406 1$202 2$240 $37,813 $646 $38,015 ($37,369)
1993 0 31,072 280 22,665 80 23,737 (23,657)
1994 4,465 41,365 54,430 38,7388,895 40,103 (31,208)
1995 N/A N/A 0 25,162 0 25,162 (25,162)
1996 N/A N/A 628,29230,903 28,292 30,903 (2,611)
1997 N/A N/A 720,30325,223 20,303 25,223 (4,920)
1998 N/A N/A 832,13036,852 32,130 36,852 (4,722)
Total $4,871 $2,639 $85,475 $217,356 $90,346 $219,995 ($129,649)
1 Petitioners also claimed cost of goods sold of $1,774.
2 This amount represents “other income, including Federal and State gasoline or fuel tax
credit or refund.”
3 Petitioners also claimed cost of goods sold of $920.
4 Petitioners also claimed cost of goods sold of $4,931.
5 $1,930 of this amount is from “other income”.
6 This amount represents sale of livestock of $12,700, custom hire income of $11,082, and
“other income” of $4,510.
7 This amount represents sale of livestock of $3,000, custom hire income of $13,593, and
“other income” of $3,710.
8 This amount represents sale of livestock of $15,200 and custom hire income of $16,930.
Horse breeding activity income received during years 1996
through 1998 includes sale of livestock, custom hire income, and
other income, including Federal and State gasoline or fuel tax
credits or refunds.
The following is a table of petitioners’ W-2 income, and
Federal income taxes withheld for 1992-1998:
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