- 86 -
EA 84-III and EA 83-XII, could no longer use CSL as a
source of funds necessary for their operations. By
August 15, 1985, EA 83-XII and EA 84-III defaulted on their
respective obligations under the mortgages and deeds of
trust on the properties. Shortly thereafter, EA 83-XII and
EA 84-III filed petitions in the U.S. Bankruptcy Court for
the Eastern District of Virginia.
Notices of FPAA Issued to EA 83-XII
In the notices of FPAA issued to EA 83-XII for 1983,
1984, and 1985, respondent adjusted the ordinary income
reported by the partnership as shown below in the second
column for each year:
EA 83-XII 1983 1984 1985
Rent income $287,640$287,640$306,577$306,577$331,743 $331,743
Late charges 548 548 -0- -0- -0- -0-
5489,34454890
Interest income 9,344 90 1,262 1,162
Miscellaneous -0- -0- -0- -0- 883 883
Total gross income 297,532297,532 306,667 306,667 333,888 333,888
Interest (noninvestment)466,358-0- 539,893 -0- 560,177 -0-
Commissions 25,460 25,460 21,950 21,950 24,846 24,846
Insurance 27,744 27,744 16,438 16,438 18,992 18,992
Legal and professional fee726 726 8,093 8,093 574 574
Repairs 1,348 1,348 30,866 30,866 15,075 15,075
Taxes 49,224 49,224 49,213 49,213 45,962 45,962
Utilities 464 464 1,547 1,547 951 951
46420,620
Homeowner dues 20,620 20,620 20,620 25,350 25,350
Audit fee 4,900 4,900 4,900 4,900 3,267 3,267
Points amortization 16,671 -0- 16,671 -0- 16,671 -0-
Property management 30,600 30,600 30,600 30,600 29,837 29,837
Real estate tax service1,278 1,278 -0- -0- -0- -0-
Miscellaneous 107 107 -0- -0- 856 856
107-0-
Depreciation 173,119 173,119 -0- 173,119 -0-
Bad debts -0- -0- 1,l74 1,174 -0- -0-
Amortization organization
expense -0- -0- 3,150 3,150 -0- -0-
Recording fees -0- -0- -0- -0- 24 24
Service fee-EMI -0- -0- -0- -0- 3,4133,413
Total expenses 818,619162,471 918,234 188,551 919,114 169,147
Total rent income -521,087135,061 -611,567118,116 -585,226 164,741
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