10 Petitioners reported income from the sale of Bohannon, S.A. stock from 1973 to 1989 as follows: Year Income from Sale of Bohannon, S.A. Stock Reported on Petitioners’ Return 1973 -0- 1974 -0- 1975 -0- 1976 -0- 1977 Not in record 1978 -0- 1979 -0- 1980 -0- 1981 Not in record 1982 $875,000 1983 -0- 1984 397,673 1985 793,816 1986 642,972 1987 -0- 1988 218,000 1989 219,500 Total 3,146,961 A general business credit was reported on petitioners' Forms K-1 from 1976 to 1985. Petitioners attached Forms 3800, General Business Credit, to their 1988 and 1989 returns. On them, petitioners reported but did not claim a $27,548 carryforward of the general business credit for 1988 and 1989. Petitioners reported gains from the sale of stock of Bohannon, S.A. ($875,000) and Hardwoods, S.A. ($287,100) on their 1982 return. Hardwoods, S.A. was another Panamanian corporation in which petitioner owned stock. Petitioners made no section 172(d) computations on their 1982 return.Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
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