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derived from distributions received over total distributions is
set forth under the heading of percentages. The amounts reported
on the Schedules K-1 (based on a multiplication of the
percentages times net earnings) are set forth under the heading
of income reported. The income reported was reported on
petitioners’ individual income tax returns.
1993
Frank Thomas Bob Totals
Cash withdrawals $6,000 $52,386 $24,282 $82,668
Percentages 8.0% 63.0% 29.0% 100%
Income reported $4,611 $36,312 $16,715 $57,638
1994
Frank Thomas Bob Totals
Cash withdrawals $29,000 $54,341 $52,188 $135,529
Percentages 23.2% 39.1% 37.7% 100.0%
Income reported $32,552 $54,861 $52,897 $140,310
Southern Auto had a casualty loss of $5,594 in 1994, which
petitioners again divided based on the percentages of actual
distributions they received.
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Last modified: May 25, 2011