- 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