John W. and Vincentia Schwartz - Page 5

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          the facts as they existed in the taxable year 1985, with respect                   
          to Westco, and taxable years 1985 through 1988, with respect to                    
          Makalu; i.e., whether "each partner's share of each partnership                    
          item is the same as his share of every other item."                                
                The same share requirement of section 6231(a)(1)(B)(i)(II)                   
          is satisfied if during all periods within a taxable year, each                     
          partner's share of each partnership item specified in section                      
          301.6231(a)(3)-1(a)(1), Proced. & Admin. Regs., is the same as                     
          that partner's share of each of the other partnership items                        
          specified in that section during that period.  Moreover,                           
                if each partner's share of each partnership item would be                    
                the same as his or her share of every other item but for                     
                allocations made under section 704(c) or allocations made                    
                under similar principles in accordance with applicable                       
                regulations the requirement of section 6231(a)(1)(B)(i)(II)                  
                shall be considered satisfied.  Similarly, special basis                     
                adjustments pursuant to sections 754, 743, and 734 shall not                 
                be taken into account in determining whether the "same                       
                share" requirement is met.                                                   
          Sec. 301.6231(a)(1)-1T(a)(3), Temporary Proced. & Admin. Regs.,                    
          52 Fed. Reg. 6789 (Mar. 5, 1987).                                                  
                The partnership items referred to in these regulations and                   
          taken into consideration for purposes of the "same share"                          
          requirement are:                                                                   
                (i) Items of income, gain, loss, deduction, or credit of the                 
                partnership;                                                                 
                (ii) Expenditures by the partnership not deductible in                       
                computing its taxable income (for example, charitable                        
                contributions);                                                              
                (iii) Items of the partnership which may be tax preference                   
                items under section 57(a) for any partner;                                   




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