- 10 -
Year Rental Distribution
1992 $11,791 $30,427
1993 10,200 138,285
1994 (5,600) 121,395
1995 912 24,800
1 The difference between this amount and the deduction
claimed by Complete Connections Trust for a distribution of
income for the year is explained by J&R Trust’s separate
statement of interest income for the year.
The J&R Trust returns report the following deductions on account
of distributions of income to petitioners5:
Year Distribution
1992 $18,673
1993 27,444
1994 35,643
1995 28,441
For each trust year in question, such income distribution
deduction, along with charitable contribution deductions of
$3,033, $4,710, $1,253, and $1,959 for such years, respectively,
was sufficient to reduce reported taxable income to zero. A tax
liability of zero was reported for each trust year, 1992 through
1995.
5 Such distributions, when reduced by (1) interest from J&R
Trust reported by petitioners and (2) some or all of the
categories of depreciation allocated to them by J&R Trust, equal,
almost to the dollar, the income reported by petitioners as
having been received by J&R Trust:
Year Distribution Interest Depreciation Difference
1992 $18,673 -- $3,453 $15,222
1993 27,444 $76 15,535 11,773
1994 35,643 318 10,374 14,951
1995 28,441 226 9,555 18,660
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011