Nancy Silverman and Estate of Sheldon Silverman, Deceased, Nancy Silverman, Executrix - Page 17

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          claimed that the refunds arose from a net operating loss                           
          generated in 1982, which is carried back to 1979 and then carried                  
          over to 1980 and 1981.  The calculations on the amended tax                        
          returns begin with the $1,544,202 negative adjusted gross income                   
          shown on the 1982 tax return.  See supra table 2.                                  
                                          Table 5                                            
                                      1979              1980             1981                
          Net operating loss                                                                 
          deduction                   $1,217,535      $807,632         $330,099              
          Refund claimed              186,676         204,868          74,209                
                Table 6 shows information as to 1980 liabilities and                         
          payments, as reflected on the 1980 tax return, the 1980 amended                    
          tax return, and respondent's records.                                              

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