Hunter Faulconer, Sr. And Mary T. Faulconer v. Commissioner of Internal Revenue

How courts have described this case

Verbatim parenthetical descriptions written by other courts when citing this decision. Ranked by citation-network relevance.

• stating that the taxpayer has the burden to prove the IRS's assessment wrong
• \farming is not the most profitable business in which one can be engaged\
• farm's substantial losses did not preclude a court from finding a profit motive where losses were attributable to the unforeseeable injuries to several racing horses
• \A taxpayer's mere statement of intent is given less weight than objective facts.\
• stat- ing that the taxpayer ordinarily possesses the burden of persuasion
• formal farm budgets or projections not necessary because taxpayer could tell from his records what the expenses and profits were respecting the various aspects of the farming activity and there was no way to predict how long or how successfully a horse would race in a particular year

Source: CourtListener parenthetical corpus (CC0).