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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.
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