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Mar. 31, Mar. 31, Mar. 31, Mar. 31,
1989 1990 1991 1992 Totals
CGF One, L.P.
Income $87,610 $247,242 $225,118 $186,311 $746,281
Expenses 1 (9,113) (22,926) (21,654) (20,373) (74,066)
Amortization expense(134,088) (201,131) (201,131)(201,131) (737,481)
Net income or loss (55,591) 23,185 2,333 (35,193) (65,266)
CGF Two, L.P.
Income 82,625 233,708 214,574 179,041 709,948
Expenses 1 (7,044) (19,828) (18,383) (18,147) (63,402)
Amortization expense(121,196) (181,794) (181,794)(181,794) (666,578)
Net income or loss (45,615) 32,086 14,397 (20,900) (20,032)
Santa Fe Partners, L.P.
Income 106,683 294,733 269,836 226,920 898,172
Expenses 1 (10,453) (22,883) (24,046) (22,453) (79,835)
Amortization expense(151,017) (226,525) (226,525)(226,525) (830,592)
Net income or loss (54,787) 45,325 19,265 (22,058) (12,255)
Cloud Grey, L.P.
Income 102,808 291,338 264,831 215,715 874,692
Expenses 1 (10,336) (24,333) (22,992) (21,873) (79,534)
Amortization expense(151,017) (226,525) (226,525)(226,525) (830,592)
Net income or loss (58,545) 40,480 15,314 (32,683) (35,434)
Alpha One, L.P.
Income (or loss) 109,328 281,435 (42,355) (280,272) 68,136
Expenses 1 (8,045) (35,338) (16,421) (7,169) (66,973)
Amortization expense(151,017) (226,525) (226,525)(226,525) (830,592)
Net income or loss (49,734) 19,572 (285,301) (513,966)(829,429)
1These amounts reflect CGF's allocations of portfolio income expense and investment interest expense,
as reflected on CGF's Schedules K-1 for the years in issue.
Over this 4-year period, CGF's total amortization deductions
exceeded its allocations of partnership income by $598,606
(income of $3,297,229 and amortization deductions of $3,895,835).
Respondent disallowed all of CGF's amortization deductions in
connection with owning term interests in partnership interests B
for such years.
Lincoln reported the following income and expenses of owning
term interests in the Lincoln Partnerships for the taxable years
ending March 31, 1989 through 1993:
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