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Petitioner reported losses of $56,954 on line 42 of the
Schedule E that he attached to his 1994 income tax return, and on
line 17 (rental real estate income or loss) on his 1994 Federal
income tax return. He subtracted $56,954 from his other income
to calculate his adjusted gross income for 1994.
Petitioner attached three first pages and one second page of
Schedule E to his 1994 income tax return. He reported the income
and expenses for six of his rental properties on two of the first
pages (three on each) and income and expenses for the seventh
rental property and totals for the seven rental properties on the
third first page. Petitioner reported the following on lines 22
and 23 of his 1994 Schedule E:
Line 22, Line 23,
Income Deductible
Property or loss loss
19 Cold Springs ($6,626) ($6,626)
9 Cold Springs (20,971) (20,971)
241-21 Hamilton (2,531) (2,531)
15 Cold Spring (12,590) (12,590)
106 1st St. (5,720) (5,720)
63 Belltown (8,516) (8,516)
80 Lawn 1,939 (1,939)
The explanation for line 24 of the 1994 Schedule E instructs
taxpayers to add positive amounts shown on line 22 but not to
include any losses. Petitioner reported $1,939 on line 24.
The explanation for line 25 of the 1994 Schedule E instructs
taxpayers to enter the total amount of royalty losses from line
22 and rental real estate losses from line 23. Petitioner
reported a $58,893 loss on line 25.
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Last modified: May 25, 2011