- 4 -
$3,638.04. Petitioners reported total net losses from numerous
partnerships, one rental property, and one small business
corporation of $405,006.93 for 1982, of which $41,866 was the
loss from Blythe II. Thus, petitioners reported total income of
$209,272.73 and a total tax liability of $39,115.20.3
On their joint 1983 Federal income tax return, petitioners
reported wages of $611,826.06 from petitioner's medical practice,
interest income of $52,660.89, capital gains of $96,412.52, and
other income of $1,251.16. Petitioners reported total net losses
from numerous partnerships and two rental properties of
$380,465.98 for 1983, of which $2,012 represented the loss from
Blythe II. Thus, petitioners reported total income of
$381,684.65 and a total tax liability of $128,567.4
3 During April 1986, petitioners filed an amended return
for 1982 reporting a decrease in total income of $5,500 due to an
additional $5,500 loss in connection with Arrowhead Village, a
real estate partnership promoted by Mr. Sheets. On the amended
return, petitioners reported a total tax liability of $36,365.20.
4 During March 1985, petitioners filed an amended return
for 1983 reporting a decrease in total income of $15,073 due to
Mr. Hulse's mistaken reporting on their original return of
$15,073 in partnership income that was not attributable to
petitioners. On the amended return, petitioners reported a total
tax liability of $121,212. During July 1985, petitioners filed a
second amended return for 1983, reporting an increase in
deductions of $17,229.34 for various interest paid, charitable
contributions, and business expenses. On the second amended
return, petitioners reported a total tax liability of $112,416.
During April 1997, petitioners filed a third amended return for
1983 reporting a decrease in total income of $4,268.69 due to an
additional $4,268.69 loss in connection with the aforementioned
(continued...)
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