- 3 -
and reported the following income and expenses relating to the
tournament sport fishing activity:
Description 1990 1991 1992 1993 Total
Gross receipts -0- -0- $720 $980 $1,700
Expenses:
Car/truck $1,859 $2,247 2,384 1,649 8,139
Depreciation 4,163 19,083 10,259 5,646 39,151
Insurance 549 825 1,281 850 3,505
Mtg. interest 1,928 3,463 3,648 3,526 12,565
Other interest -0- 831 1,144 497 2,472
Supplies 6,604 6,323 3,120 1,099 17,146
Tax, license 2,650 1,518 226 305 4,699
Meals &
entertainment 187 -0- 216 -0- 403
Office 1,842 -0- -0- -0- 1,842
Total expenses 19,782 34,290 22,278 13,572 89,922
Net loss
claimed 19,782 34,290 21,558 12,592 88,222
Petitioner generated income in 1992 and 1993 from the sale
of fish.
Petitioner became interested in tournament sport fishing in
the mid-1980's. Before 1990, petitioner entered a couple of
fishing tournaments in the Northeastern United States.
Petitioner fished in June, July, August, and September (the
fishing season) of each of the years 1990 through 1993.
Petitioner went fishing only on weekends and vacations.
Petitioner did not travel south to fish during the 8 months of
October through May because he did not want to take his boat,
which weighed 20,000 pounds.
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