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Oshtemo-Kalamazoo did not ask the limited partners to make any
cash investments during the years in issue.
Petitioners filed joint Federal income tax returns for their
taxable years 1976, 1977, and 1978 on which they claimed losses
from Oshtemo-Kalamazoo in the amounts of $12,234, $10,462, and
$8,012, respectively. They also claimed a share, in the amount
of $1,950, of an investment tax credit relating to Oshtemo-
Kalamazoo for the taxable year 1976.
In 1985, Acton CATV, Inc. (Acton CATV), as part of a joint
venture agreement, assumed all partnership obligations of
Oshtemo-Kalamazoo. Acton CATV agreed to indemnify petitioner
Abraham Weiss for any partnership obligations incurred by
Oshtemo-Kalamazoo.
During respondent's audit of the partnership returns,
petitioners agreed to extensions of the period of limitations.
In the notice of deficiency, issued August 18, 1995, respondent
disallowed the losses claimed by petitioners on their tax returns
for the taxable years 1976, 1977, and 1978 relating to Oshtemo-
Kalamazoo. Respondent also determined that petitioners’ claim to
the $1,950 share of an investment tax credit relating to Oshtemo-
Kalamazoo for the taxable year 1976 should be disallowed.
The petition in this case was filed on November 13, 1995.
Respondent filed a request for admissions, with service upon
petitioners, on December 20, 1996. Petitioners filed no
response, and the matters in respondent's request were deemed
admitted, pursuant to Rule 90(c). On February 4, 1997, the Court
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