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The purpose of that filing was to put all interested parties,
including creditors and the debtor, on notice as to his proposal
to wind up the estate. On July 19, 1993, the bankruptcy court
entered an order approving Mr. Roberts’ final report and payment
of dividends. On October 29, 1993, Mr. Roberts filed his report
of final account and request for closing and discharge of
trustee. In 1993, in winding up the estate, the estate made its
final distributions to creditors and distributed to petitioner,
the debtor, $3,700.
On December 29, 1993, the bankruptcy court ordered the
estate closed. The estate did not disclaim any NOLs or any other
property, except for some raw land in Arkansas that was abandoned
by the trustee. The closing of the estate was delayed because
petitioner sued Mr. Roberts, the trustee.
On his 1985 Federal income tax return, petitioner claimed a
$61,592 loss from the sale of subdivision lots in Frenchtown
Hills and a $48,589 loss from various Auburn Bluffs partnership
interests. On his 1986 return, petitioner claimed a $53,192 loss
from the sale of subdivision lots in Frenchtown Hills and a
$90,036 loss from various Auburn Bluffs partnership interests.
On his 1987 return, petitioner claimed a $17,100 loss from the
sale of subdivision lots in Frenchtown Hills, a $9,666 loss from
various Auburn Bluffs partnership interests, and a $110,617
deduction for an NOL carryover from 1986.
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Last modified: May 25, 2011