10/19/2023 0 Comments Carolyn state farm golden co![]() Following audits, the Internal Revenue Service ("the I.R.S." or "the respondent") disallowed the entirety of the petitioners' aggregate $123,753 claimed farm loss deductions which were not otherwise excludable from income, 2 on the rationale that the taxpayers did not pursue those agrarian occupations with an actual and honest intent to earn profits. The petitioners, upon their Form 1040 joint personal income tax returns for 1987 through 1989, and their Form 1065 partnership income tax returns for 19, 1 had claimed deductions for losses incurred in operating a farm of approximately 165 acres where they resided and endeavored to grow Christmas trees for the commercial market, harvest timber, plant and cultivate row crops, and engage in the commercial husbandry of trout and catfish. ![]() and $763., related to their claimed farming loss deductions. Holmes ("Robert"), a married couple (collectively referred to as "the petitioners" or "the taxpayers"), have challenged the United States Tax Court's assessment of income tax deficiencies against them for each tax year 1987 through 1991 in the aggregate principal sum of $60,041.51, plus interest, as well as negligence penalties of $528. ![]()
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