- 6 -
1. Assignor will convey all his interest in the
Partnership to the Assignee for the consideration
listed herein.
2. Assignor shall be relieved of fifty (50%)
percent of his twenty (20%) percent interest of the
liability to Citytrust (i.e. 50% of $1,200,000 =
$600,000 x 20% = $120,000).
3. Assignor shall remain liable to Assignee and
the Partnership for fifty (50%) percent of his twenty
(20%) percent interest, (i.e. 50% of $1,200,000 =
$600,000 x 20% = $120,000).
4. Assignee assumes the full liability therefor
and will indemnify and hold Assignor harmless from any
and all claims, liens, etc. in connection with the
Partnership.
5. This Agreement shall be binding upon and inure
to the benefit of the parties hereto and their
respective heirs, successors and assigns.
IN WITNESS WHEREOF, the parties have hereunto set
their hands and seals on the day and year first above
written.
This document was signed by petitioner and Mr. Allingham. On
December 30, 1990, petitioner executed a quitclaim deed conveying
his interest in the property to Mr. Allingham for the stated
consideration of $1. A copy of the quitclaim deed was attached
to the assignment of petitioner's partnership interest in Bass
Associates.
On petitioners' 1990 income tax return, they reported a loss
of $65,316 from the sale of petitioner's interest in Bass
Associates. In statement 7, attached to their return, the loss
is explained as follows:
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 Next
Last modified: May 25, 2011