Epic Associates 84-III, William C. Griffith, Jr. - Page 2





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             with respect to the partnership items reported by Epic                   

             Associates 83-XII (referred to herein as EA 83-XII):                     

                                           1983        1984       1985                
             Disallow interest and point   $483,029  $556,564     $576,848            
             amortization deductions                                                  
             Disallow depreciation         173,119   173,119   173,119                
             deductions                                                               
             Disallow claimed net investment(341,010)    -0-    -0-                    
             loss                                                                     
             Disallow qualified investment -0–       303,571      330,529             
             income                                                                   
             Disallow qualified investment -0-       908,960   909,831                
             expenses                                                                 
             Disallow excess expenses from 10,859       -0-    -0-                    
             net lease property                                                       
             Disallow investment interest  66,366    -0-          -0-                 
             income                                                                   
             Disallow net investment income29,306    -0-       -0-                    
             Disallow investment income    -0-            90   1,262                  

                  Respondent issued notices of FPAA in which respondent               

             determined the following adjustments with respect to the                 

             partnership items reported by Epic Associates 84-III                     

             (referred to herein as EA 84-III):                                       

                                           1983        1984       1985                
             Disallow interest and point   $121,535  $536,280     $559,662            
             amortization deductions                                                  
             Disallow depreciation         56,910    170,742   170,742                
             deductions                                                               
             Disallow deductions in        -0-       -0-       44,219                 
             excess of income                                                         
             Disallow claimed net          (141,142)    -0-    -0-                    
             investment loss                                                          
             Disallow qualified investment -0–       217,619      229,131             
             income                                                                   
             Disallow qualified investment -0-       872,376   997,436                
             expenses                                                                 
             Disallow net investment income6,097         -0-   -0-                    
             Disallow investment income    -0-       -0-       494                    









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