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STATEMENT 7 - GAINS AND LOSSES FROM SALE OF ASSETS
BASS ASSOCIATES
SECTION 1231 GAINS AND LOSSES
PTRSHP INTEREST - BASS
DATE ACQUIRED 01/01/87 DATE SOLD 12/30/90
GROSS SALES PRICE 120,000
COST OR OTHER BASIS 185,316
ADJUSTMENTS TO BASIS 0
ADJUSTED BASIS 185,316
TOTAL GAIN OR LOSS -65,316
ACTIVITY SUMMARY
TOTAL SECTION 1231 GAIN OR LOSS -65,316
On Schedule E, Supplemental Income and Loss, of petitioners'
1990 income tax return, petitioners reported a partnership loss
of $71,933 from Bass Associates consisting of a 1990 loss from
rental real estate activity of $20,573 and the suspended
partnership losses from 1987 through 1989. Statement 5 attached
to petitioners' 1990 return indicates that petitioner was a
general partner of Bass Associates, which was engaged in rental
real estate activity.
OPINION
The only issue for decision is whether the $65,316 loss that
petitioner sustained on December 30, 1990, is an ordinary or
capital loss. Losses from sales or exchanges of capital assets
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Last modified: May 25, 2011