- 67 -
$2,756 of interest net from EPIC during
1983. While not obligated to do so under
the Partnership agreement, the general
partner is anticipated to advance funds for
any cash flow deficits.
The Partnership paid loan origination fees
of $138,138 to EPIC Mortgage, Inc., an
affiliate of the general partner.
On the basis of the above, it appears that EA 84-III
realized interest income from EPIC in 1983 and paid or
incurred interest expense on unsecured advances from EPIC
in 1984 and 1985 in the following amounts:
1983 1984 1985
Interest income–-general partner $6,097.26-0- -0-
Interest expense--general partner-0- $28,175 $18,680
6,097.26 (28,175) (18,680)
Federal Income Tax Returns Filed on Behalf of EA 84-III
For Federal income tax purposes, EA 84-III reported the
following income and expenses for the years in issue:
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