Frances L. and Gary L. Rambacher - Page 6

          partnerships through AB Trust and Equipment Investors which were            
          listed as the partners on the Schedules K-1 issued by the                   
               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