- 7 - $190,501. Wazee Street did not file a partnership return for 1987. As of December 31, 1986, Mr. Bach owned a 37.5-percent interest as a general partner of 4139 Glenwood Joint Venture (Glenwood). Also, as of December 31, 1986, Mr. Bach had a deficit capital account balance of $4,198 and an allocable share of nonrecourse liabilities of $47,423. On February 3, 1987, Mr. Bach assigned his interest in Glenwood to Mr. Richard Segal for consideration of $10 and Mr. Segal and Trans International Management, Inc., assigned their interests in JAMA to Mr. Bach. Mr. Bach's deficit capital account balance of $4,198 did not change between December 31, 1986, and the date of assignment. Petitioners did not report any gain in relation to the disposal of Mr. Bach's interest in Glenwood on their 1987 Federal income tax return. As of January 1, 1987, Mr. Bach was a general and limited partner of Russell Street Limited Partnership (Russell Street). Russell Street's primary business was investing in real estate. Mr. Bach's percentage interests in Russell Street as a general and limited partner were 24 percent and 1 percent, respectively. As of the beginning of the year, Mr. Bach's capital account for his interest as a general partner had a deficit balance of $51,349. Sometime in 1987, Russell Street sold all its assets and filed its final tax return. As of the end of 1987, Mr. Bach noPage: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 Next
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