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1995 1996 1997
Charter Income
Gross receipts $156,443 $ 135,572 $ 14,262
Other income 4,023
Total income $156,443 $ 135,572 $ 18,285
Expenses
Salaries $ 68,285 $ 129,924 $ 37,914
Repairs 1,211 68,111 6,153
Rents 25,212 32,702 4,013
Taxes and licenses 9,919
Interest 40,153 63,666 21,931
Depreciation 466,961 837,314 331,977
Advertising 13,749 13,061
Other deductions
Travel, meals,
and entertainment 1,519 6,359 1,752
Administrative 2,042 6,010 2,041
Auto 146 595
Fuel 10,687 1,733
Bank charges 865 283 112
Dues & licenses 635 3,493
Insurance 25,506 27,464
Management fees 8,561 9,515 3,050
Outside services 14,823
Professional fees 12,794 11,414 41,142
Supplies 39,437 22,773 4,541
Telephone 13,982 7,234 1,657
Miscellaneous 17,359 2,285
Uniforms 5,808 5,520
Office supplies 539 498
Payroll taxes 14,595 3,935
Total expenses $759,048 $1,272,949 $ 472,963
Claimed operating losses $602,605 $1,137,377 $ 454,678
Claimed ordinary loss on
sale of the Feadship $1,931,292
On petitioners’ joint Federal income tax returns for 1995,
1996, and 1997, the above claimed losses relating to the Feadship
were offset against petitioner’s taxable income from his medical
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