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The partnership filed two Forms 1065, U.S. Partnership
Return of Income, for taxable year 1983. The first return,
dated March 16, 1984, is signed by Mr. Caldwell in the
space provided for "Signature of general partner". The
second return, dated April 9, 1984, is blank in the space
provided for the signature of the general partner, but
is signed by Mr. Caldwell in the space provided for
"Preparer's signature". The two returns appear to be
identical, except for the different placement of
Mr. Caldwell's signature. Each return claims an ordinary
loss of $28,429, which is composed of gross receipts of
$58, a deduction for "lease rental" of $2,087, and a
deduction for "distribution expense" of $26,400. Attached
to both returns as "Schedule B" is a document entitled
"Election to Pass Investment Tax Credit From Lessor To
Lessee". According to that document, the lessor of a laser
disk, worth $8,436,271, agreed to transfer the investment
credit on the laser disk to the partnership.
There are 27 Schedules K-1, Partner's Share of Income,
Credits, Deductions, Etc., attached to the partnership's
1983 return. The ordinary loss of $28,429 reported by the
partnership is allocated among the 27 partners. In
addition, the alleged fair market value of the laser disk,
$8,436,271, is allocated among the partners in accordance
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