- 5 -
Between 1993 and 2000, petitioners reported the following
amounts of income and expenses from their activities at Sugar
Tree on their Schedules C, Profit or Loss From Business:
1993 1994 1995 1996
Gross receipts $61,728 $56,352 $47,952 $92,267
Expenses 116,972 116,859 104,580 128,580
Net profit/(loss) (55,244) (60,507) (56,628) (36,313)
1997 1998 1999 2000
Gross receipts $65,826 $92,267 $53,204 $58,109
Expenses 134,491 161,047 147,894 149,834
Net profit/(loss) (68,665) (68,780) (94,690) (91,725)
During the taxable years in issue, petitioners reported
income on their Federal income tax returns as follows:
1999 2000
Wages, salaries, tips $221,968.18 $159,018.45
Taxable interest 690.94 1,749.32
Tax-exempt interest 36.57 85.22
Ordinary dividends 984.96 1,067.51
Taxable refunds 437.00 2,490.00
Business income or loss (94,690.06) (91,722.66)
Capital gain or loss (3,000.00) (2,817.05)
Pensions and annuities ROLLOVER ROLLOVER
Total $126,427.59 $69,870.79
During the taxable years in issue, petitioners claimed the
following business expenses1 on their Schedules C:
1999 2000
Advertising $105 $0
Car and truck expenses 3,906 0
Insurance 1,865 2,859
Interest 2,634 5,368
Office expenses 2,787 1,230
1 These figures have been rounded to the nearest dollar.
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Next
Last modified: November 10, 2007