Opinion ID: 199059
Heading Depth: 2
Heading Rank: 4

Heading: Petitioners' Income Tax Returns

Text: 31 Petitioners reported the horse racing and breeding activity on their joint federal income tax returns each year from 1957 through the years in issue. The following chart shows the amounts of gross receipts, expenses, and losses that petitioners reported on Schedules C from 1957 to 1993: 32 Year Gross receipts Expenses Losses 33 1957 None $12,919.36 $12,919.36 1958 5,575.00 25,268.34 19,693.34 1959 7,729.00 45,809.97 38,080.97 1960 4,805.00 53,429.56 48,624.56 1961 19,345.00 56,677.46 37,332.46 1962 4,280.00 48,705.54 44,425.54 1963 5,630.00 48,674.38 43,044.38 1964 25,666.00 56,735.85 31,069.85 1965 28,506.00 50,189.20 21,683.20 1966 34,717.00 58,908.42 24,191.42 1967 33,895.50 71,575.82 37,680.32 1968 43,903.70 79,234.31 35,330.61 1969 32,353.00 74,010.00 41,657.00 1970 35,722.00 69,917.00 34,195.00 1971 23,499.00 55,394.00 31,895.00 1972 19,637.00 51,524.00 31,887.00 1973 12,544.40 60,650.27 48,105.87 1974 21,347.00 77,845.15 56,498.15 1975 27,320.64 100,913.06 73,592.42 1976 44,028.00 118,674.00 74,646.00 1977 21,140.00 102,571.00 81,431.00 1978 58,662.00 132,278.00 73,616.00 1979 89,971.00 161,913.00 71,942.00 1980 60,651.00 180,943.00 120,292.00 1981 127,225.00 207,589.00 80,364.00 1982 78,804.00 213,686.00 134,882.00 1983 111,853.00 284,373.00 172,520.00 1984 106,814.00 354,937.00 248,123.00 1985 124,671.00 471,417.00 346,746.00 1986 111,295.00 545,642.00 434,347.00 1987 178,776.00 615,973.00 437,197.00 1988 136,327.00 672,014.00 535,687.00 1989 204,403.00 757,630.00 553,227.00 1990 116,400.00 774,735.00 658,335.00 1991 145,405.00 814,477.00 669,072.00 1992 136,463.00 814,103.00 677,640.00 1993 234,588.00 807,259.00 572,671.00 34 Total 2,473,951.24 9,128,595.69 6,654,644.45