- 8 - longer held any partnership interest in Russell Street. As reported by Russell Street on the 1987 partnership Schedules K-1, Mr. Bach received a general and limited partner's allocable share of net long-term capital gain of $42,156 and $1,756, respectively, and deductions related to partnership portfolio income of $4,990 and $208, respectively. As a result of these distributive shares of income and deduction, Mr. Bach's general partner capital account deficit was reduced to $14,183 and his limited partner capital account deficit was reduced to $6,822. Petitioners did not report any gain in relation to the disposal of Mr. Bach's interest in Russell Street on their 1987 Federal income tax return. On that return, petitioners claimed on Schedule D, Capital Gains and Losses and Reconciliation of Forms 1099-B, long-term capital loss carryovers from 1985 and 1986 from partnerships, S corporations, and fiduciaries in the amount of $175,107.81. Petitioners provided no substantiation to support these claimed losses. During 1987, petitioners had a number of other transactions, which were not reported on Schedule D, including: $1,889 received from the sale of petitioners' shares in the Neuberger & Berman Government Money Fund; $1,889 received from the sale of petitioners' shares in the Guardian Mutual Fund; $1,780 received from the sale of petitioners' shares in the Manhattan Fund, Inc.; and $2,864 from the sale of petitioners' shares in the USAA Cornerstone Fund.Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 Next
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