- 12 - For the years in issue, amounts reported6 by petitioners on Schedules F, Profit or Loss From Farming, of their returns are summarized below: Year Income1 Expenses2 Profit (Loss) 1990 $10,647 $140,111 ($129,464) 1991 35,459 180,563 (145,104) 1992 27,301 258,088 (230,787) 1993 44,607 304,966 (260,359) 1994 50,792 272,622 (221,830) 1995 32,158 188,205 (156,047) 1 In addition to livestock sales, includes tobacco allotment income and income from the rental of houses located on the Maple Row properties. The latter income was reported on the “Other income” line of the Schedules F for the years in issue as follows: Year “Other income” - Schedule F 1990 $6,910 1991 10,165 1992 9,596 1993 9,720 1994 9,878 1995 9,448 2 Includes amounts reported by petitioners on Schedules F for the years in issue (except as modified by examination adjustments for 1990 and 1991) as mortgage interest, taxes, depreciation, and conservation expenses as follows: Mortgage Conservation Year Interest Taxes Depreciation Expenses 1990 $45,712 $6,908 $29,228 $6,198 1991 66,148 16,392 24,970 9,852 1992 121,254 11,317 29,803 -- 1993 147,636 9,621 24,579 9,011 1994 143,809 8,431 25,489 -- 1995 58,370 11,011 27,339 –- For 1996 to 1999, petitioners reported the following amounts on Schedules F of their returns or amended returns: 6 The expense amounts described as “reported” for 1990 and 1991 reflect examination adjustments (agreed to or not contested by petitioners) that reduced reported expenses (and resulting losses) in 1990 and 1991 by $300,066 and $161,049, respectively.Page: Previous 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 Next
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