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Schedule C Activities
Petitioner attached to his tax returns Schedules C, claiming
losses from five different activities: (1) Automobile restoration
for all 3 years, (2) “Board and Room Rental” for all 3 years, (3)
timber and firewood sales for 1994, (4) health food sales and
“resort” for 1994 and 1995, and (5) oil and gas for 1997.
Automobile Restoration
Petitioner bought several automobiles with the expectation
of restoring and selling them. After the rezoning of his real
estate, however, the county “raised a fuss” about the cars and
certain building materials he maintained on his property. As a
result, in 1994 or 1995 petitioner was forced to dispose of his
cars, machine tools, parts, trailers, and “a good part” of his
building materials.
Petitioner had an unrestored 1967 Dodge Dart and a 1952
Chevy pickup truck that he sold at auction. In 1994, he traded a
1979 Dodge “window van” for two electric motors, a compressor,
three “windows with aluminum frames”, and some machine tool
equipment. In that same year petitioner allowed an individual to
remove parts from three nonrunning vehicles in return for an
electric hammer drill before he sent the vehicles to the auto
wrecking yard. Another transaction in 1994 included the sale of
a Chevy Chevette for $25 plus sales tax of 75 cents.
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Last modified: November 10, 2007