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Fiscal Year
Ended
Sept. 30 Interest Paid Tax Withheld
1989 $838,037.66 $83,803.77
1990 1,451,660.54 145,166.06
1991 941,821.13 94,182.11
On or about June 14, 1995, petitioner filed amended 1989,
1990, and 1991 Federal income tax returns. On the amended
returns, petitioner claimed deductions for interest expense
related to its ECI from the conduct of a trade or business in the
United States, as follows:
Fiscal Year
Ended
Sept. 30 Interest Deducted
1989 $834,750
1990 1,307,734
1991 1,348,414
On amended returns, petitioner reported the sum of its
assets and liabilities, as follows:
Fiscal Year
Ended Net Liabilities
Sept. 30 Over Assets1
1989 ($8,211,833)
1990 (8,917,909)
1991 (7,143,782)
1These amounts were derived from Schedule L of petitioner's
amended Federal income tax returns.
Petitioner's amended returns for 1989, 1990, and 1991, reflected
its net income or loss (prior to the deduction for interest
expense) and gain or loss on its ECI, without considering net
operating loss deductions, as follows:
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Last modified: May 25, 2011