- 90 -
EA 84-III 1983 1984 1985
Rent income $80,124$80,124 $228,516$228,516$230,130 $230,130
Interest -0- -0- -0- -0- 494 494
Total gross income 80,124 80,124 228,516 228,516 230,624 230,624
Interest (noninvestment)118,082-0- 522,466 -0- 545,848 -0-
Commissions 5,305 5,305 23,198 23,198 19,403 19,403
Insurance 5,480 5,480 16,663 16,663 19,894 19,894
Legal & professional fee6,895 6,895 687 687 1,008 1,008
Repairs 8,500 8,500 19,782 19,782 108,459 108,459
Taxes 18,123 18,123 72,554 72,554 72,617 72,617
Utilities 1,726 1,726 33,555 33,555 1,830 1,830
Homeowner dues 998 998 3,993 3,993 12,353 12,353
Property management fee8,250 8,250 33,000 33,000 32,175 32,175
Points amortization 3,453 -0- 13,814 -0- 13,814 -0-
Miscellaneous 141 141 606 606 574 574
Audit fee -0- -0- 5,000 5,000 3,333 3,333
Service fee -0- -0- -0- -0- 3,197 3,197
Depreciation 56,910 -0- 170,742 -0- 170,742 -0-
Total expenses 233,86355,418 916,060 209,038 1,005,247274,843
Net rental income -153,73924,706 -687,54419,478 -774,623 -44,219
The explanation of the above adjustments is virtually
identical to the explanation in the notices of FPAA issued
to EA 83-III, quoted above.
Respondent made a number of other adjustments to
EA 84-III's returns for 1983, 1984, and 1985. Respondent
disallowed the net investment loss of $141,142 and
investment interest income of $6,097 claimed in 1983.
Respondent disallowed qualified investment income of
$217,619 and qualified investment expenses of $872,376
claimed in 1984. Respondent disallowed qualified
investment income of $229,131, qualified investment
expenses of $997,436, and investment interest income of
$494 claimed in 1985. In support of these other
adjustments, the notices of FPAA state that "it has not
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