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In an attempt to substantiate entitlement to a general
business credit (investment tax credit) carryforward to 1989,
petitioner provided the following Schedules K-1 (Partner's Share
of Income, Credits, Deductions, etc.), which show her as a
partner and which reflect the cost of certain property qualifying
for the investment tax credit.
Partnership Year Basis in Investment Property
3-Year 5-Year 7-Year
H.C. Muddox 1976 $1,838.02 $ 50.05 $14,713.34
H.C. Muddox 1977 -- -- 12,930.95
H.C. Muddox 1978 -- 598.79 2,249.83
Zenith Clay 1977 -- -- 381.60
OKAL Foods 1978 -- -- 10,572.64
In addition, petitioner provided copies of her Federal
income tax returns for the taxable years 1984 through 1989.
Petitioner claimed and carried over general business credits as
follows:
Credit Carried Forward Credit Claimed
Year into Current Year in Current Year
1984 $ 1,885 -0-
1985 2,585 $173
1986 2,577 -0-
1987 2,577 -0-
1988 11,675 -0-
1989 1,675 589
1This reduction in the general business credit carryforward
presumably reflects the 35-percent reduction required by sec.
49(c).
During each of the above years, petitioner did not receive any
new investment tax credits.
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