7
1983 611,814 20,799,000
1984 1,235,173 4,117,230
The Schedules K-1 issued for AB Trust and Equipment investors
reflect the following allocations:
Series 98 Loss ITC Basis
1982 $7,880 $221,551
1983 14,748 53,933
Series 124
1983 11,330 385,177
1984 22,874 76,247
On their 1983 return, petitioners claimed flow-through
losses of $4,896 from their interests in Series 98 and Series
124. On Schedule E of their 1983 return, petitioners claimed net
losses of $3,687 and $1,209, identifying "Barrister Equip." as
the source of the losses and listing a corresponding partnership
identification number for each loss. On Form 3468 of their 1983
return and for purposes of computing the investment tax credit,
petitioners listed total qualified investment in the amount of
$43,970. Petitioners claimed entitlement to a tentative
investment tax credit of $4,397 subject to a tax liability
limitation of $1,833 for 1983. On August 24, 1984, petitioner
filed Form 1045, Application for Tentative Refund, claiming an
investment tax credit carry back of $2,564 from 1983 against
their tax liability for 1981.
Respondent sent separate Notices of Beginning of
Administrative Proceeding at the Partnership Level (NBAPP) and
Notices of Final Partnership Administrative Adjustments (FPAA)
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