Oceanic Leasing, Douglas F. Spaulding, Tax Matters Partner - Page 6

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          According to the agreement, Hardin, Calef, the Willners, and                
          Latta each were to contribute $75,000 to the partnership.  In a             
          "First Amendment to Partnership Agreement" dated December 15,               
          1987, the capital contributions of the partners were increased to           
          $150,000.  The contributions called for by the documents were               
          never made.                                                                 
               Willner received 1986 Schedules K-1 from Hardin.  One                  
          Schedule K-1 showed Oceanic Leasing VI at the Sausalito address.            
          The form reported his distributive share of loss as $1,617.                 
          Willner also received a Schedule K-1 that showed Oceanic Leasing            
          XXXV at the Sausalito address and set forth his distributive                
          share of loss as $33,889.  Both of the Schedules K-1 received by            
          Willner used the same EIN for Oceanic Leasing, to wit, 94-                  
          2870681.  When he received the Schedules K-1, Willner called                
          Hardin and asked about use of the same employer identification              
          numbers for Oceanic Leasing VI and Oceanic Leasing XXXV; he was             
          told that such use was not an error.                                        
               Willner prepared a Form 1040, U.S. Individual Income Tax               
          Return, for himself and his wife for 1986.  On that Form 1040, he           
          claimed losses from Oceanic Leasing VI and Oceanic Leasing XXXV             
          in the amounts shown on the Schedules K-1 received by him,                  
          showing the Oceanic Leasing EIN for each.  He also attached to              
          his Form 1040 a Form 3468, Computation of Investment Credit,                







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