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For 1988, the Takaos filed Form 4952, Investment Interest
Expense Deduction, with their tax return on which is reflected
"Interest expense on investment debts paid or accrued in 1988" in
the amount of $55,320, "Allowed investment interest expense" in
the amount of $49,299, and "Disallowed investment interest
expense" in the amount of $6,021. The Takaos reported
"Deductible investment interest" in the amount of $49,299 on
Schedule A--Itemized Deductions for 1988.
For 1989, the Takaos filed Form 4952, Investment Interest
Expense Deduction, with their tax return on which is reflected
"Investment interest expense paid or accrued in 1989" in the
amount of $32,334, "Disallowed investment interest expense from
1988" in the amount of $6,021, "Investment interest expense
deduction" in the amount of $38,355, and "Disallowed investment
interest expense" in the amount of zero. The Takaos reported
"Deductible investment interest" in the amount of $38,355 on
Schedule A--Itemized Deductions for 1989. On Schedule B of the
tax return he filed for 1989, Nakamura reported income of $30,000
from Yoshinori.
For 1990, the Takaos filed Form 4952, Investment Interest
Expense Deduction, with their tax return on which is reflected
"Investment interest expense paid or accrued in 1990" in the
amount of $30,000, "Investment interest expense deduction" in the
amount of $30,000, and "Disallowed investment interest expense"
in the amount of zero. The Takaos reported "Deductible
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