6
partnerships through AB Trust and Equipment Investors which were
listed as the partners on the Schedules K-1 issued by the
partnerships.
Prior to investing in the Barrister partnerships,
petitioners did not have any knowledge about the book publishing
industry. Petitioner is a certified public accountant with 30
years of experience in public accounting. Mrs. Rambacher is an
accountant and helps petitioner in his accounting practice. The
bulk of petitioner's practice is devoted to tax and accounting
work. Petitioners had some prior investment experience before
investing in the Barrister partnerships. Their tax returns for
the years in issue reflect dividend income, interest income, and
capital gains from sales of stock.
Petitioner offered some advice to a few investors concerning
the Barrister partnerships, and received fees from these persons
for his analysis of financial data pertaining to the
partnerships. Petitioner received a monetary rebate from
Barrister for securing other investors, including his mother and
brother, in the partnerships.
The partnership returns for Series 98 and Series 124
reported partnership losses and investment tax credit (ITC) basis
in the following amounts:
Series 98 Loss ITC Basis
1982 $480,725 $13,515,000
1983 899,655 3,290,000
Series 124
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 Next
Last modified: May 25, 2011