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Request for Certification of Completed Work" to the Park Service.
Rehabilitation costs totaling $1,701,988 in 1993 and $84,435 in
1994 were incurred with regard to the rehabilitated Kunhardt Mill
property.1 An additional $200,000 was incurred in related costs
associated with obtaining "qualified rehabilitation" status.
Petitioners' 1993 and 1994 Federal Income Tax Returns
Petitioners timely filed their 1993 and 1994 Federal income
tax returns. On their returns, petitioners reported the following
net rental income:
Property Net Rental Income/(Loss)
1993 1994
Manche/Everett Mill property $122,139 $45,936
CFS/Kunhardt Mill property 138,451 (5,335)
FLS property (42,758) 57,894
GES property (2,272) (25,315)
RMS property N/A (11,855)
Rental activities with net income 260,590 103,830
Rental activities with net loss (45,030) (42,505)
Net rental income 215,560 61,325
Petitioners also claimed rehabilitation credits of $85,361 in
1993 and $24,284 in 1994 with regard to the Kunhardt Mill property
renovations.
1 The record does not enable us to account for the
discrepancy between the stipulated amounts of rehabilitation
costs for 1993 ($1,701,988) and 1994 ($84,435) and the amounts
reflected on petitioners' Federal tax returns for 1993
($1,734,163) and 1994 ($89,725).
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