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Partner's percentage of:
Partner Profit Loss Ownership of capital
Raymond Staron 45% 45% 45%
George D. Allingham 25% 25% 25%
Fred L. Baker 20% 20% 20%
Bernard Staron 10% 10% 10%
The 1987 Schedule K-1 for petitioner reflected his distributive
share of partnership loss from rental real estate activity as
$19,532.
Partnership returns were also filed for Bass Associates for
the years 1988, 1989, and 1990. Each of these returns contained
Schedules K-1 reflecting the same percentage share of profit,
loss, and ownership. These partnership returns reported losses
from rental real estate activity for 1988, 1989, and 1990 in the
respective amounts of $108,278, $114,015, and $102,867.2 The
Schedules K-1 attached to the partnership returns reported
petitioner's share of the partnership's loss from rental real
estate activities for 1988, 1989, and 1990 in the respective
amounts of $21,656, $22,803, and $20,573.
Petitioners did not report any losses attributable to Bass
Associates on their 1987, 1988, or 1989 individual income tax
2The partnership returns reported gross income and expenses
from rental real estate as follows:
1988 1989 1990
Gross income $66,292 $71,166 $74,266
Total expenses 174,570 185,181 177,133
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Last modified: May 25, 2011