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On January 21, 1994, pursuant to our two opinions in Levy v.
Commissioner, 92 T.C. 1360 (1989), and T.C. Memo. 1991-646,
involving 1980, 1981, and 1982, respondent filed a motion for
entry of decision in the instant case involving 1983 and 1984.
On April 19, 1994, we granted respondent's motion and entered a
decision herein.
In a timely filed motion to vacate, petitioner alleges that,
based on the above-cited opinions, the appropriate interest
deductions that should have been used herein in the Rule 155
computation to calculate the Partnership's 1983 and 1984 income
were grossly understated.
Respondent objects to petitioner's motion to vacate.
Respondent asserts that the Rule 155 computation correctly
reflects allowable interest deductions and the monthly payments
of $43,725 that the Partnership made beginning on August 1, 1980,
with respect to a nonrecourse, long-term promissory note. Under
the promissory note, the entire amount of each $43,725 monthly
payment was identified as interest. However, under respondent's
calculation, which was adopted and reflected in the decision
document that was entered in this case (as well as in the
decision document that was entered in Levy v. Commissioner, T.C.
Memo. 1991-646, with regard to 1980, 1981, and 1982), a portion
of each monthly payment was allocated to principal.
In Levy v. Commissioner, 92 T.C. at 1360, we sustained for
1980, 1981, and 1982, respondent's disallowance of the use by the
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