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note, and the Abernathy note. IRA's worksheet reflects all of the
1984 sales by IRA of these various interest and accounts as set
forth in the following table:
IRA Worksheet Sale Basis Loss on
Price Average Sale
Safari $1 $42,495 $42,494
CMB Cinema 1 30,513 30,512
CMB Cinema II 1 7,209 7,208
RWL Cinema 1 9,291 9,290
RWL Cinema II 1 29,295 29,294
HGA Cinema 1 57,726 57,725
Elk Invest. 1 33,001 33,000
Inter Alia 1 53,969 53,968
Hargen 1 3,452 3,451
HELO 1 78,035 78,034
10 344,990 334,978
1984 Develop. 1,000 23,862 22,862
1,010 368,850 367,840
Ballard 84,888 84,888
Lisle 12,185 12,185
Abernathy 28,939 28,939
126,012 126,012
CMB Cinema
Vent. 102
Holding Co. 12,743
12,845
Total 507,708 493,852
On December 31, 1987, IRA sold its Int'l Films stock to
Gallenberger for $1. In addition to receiving the Int'l Films
stock, Gallenberger was also given $3,000. As a result of the
transactions, IRA claimed the following losses on its 1987
return: (1) A $65,000 long-term capital loss on 1,500 shares of
Int'l Film stock acquired October 2, 1976, with a basis of
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