- 9 -
11/30/95 11/30/96 11/30/97
Food & lodging
Property tax--house $257 $208 $190
Property insurance--house 667 631 --
Food for officers 2,692 2,722 2,441
Utilities--house 1,991 2,016 2,081
Depreciation--house 569 587 575
Food & lodging expenses 6,176 6,164 5,287
Medical
Health insurance 72 908
Doctor & prescriptions 339 465 417
Hospital 1,345 1,426 -–
Glasses –- 170 --
Medical costs 1,756 2,061 1,325
2. Mr. Tschetter’s Returns
Mr. Tschetter timely filed his income tax returns for 1995,
1996, and 1997. On these returns, Mr. Tschetter reported his
wages from Wolf Creek Farm. He reported farming income
(including his share of all crops grown on the homestead) as
self-employment income. He did not report any income
attributable to his food, lodging-related, and medical expenses
paid by Wolf Creek Farm. On Schedule F, Profit or Loss from
Farming, Mr. Tschetter reported gross income, total expenses, and
net loss from his separate farming activities for 1995, 1996, and
1997 as follows:
1995 1996 1997
Gross income $94,029 $115,921 $106,775
Total expenses 94,429 117,479 107,745
Net loss (400) (1,558) (970)
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Last modified: May 25, 2011