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The partnership returns filed by James report the
following:
1990 1991 1992 1993
Ordinary income $75,321 $49,662.62 ($166) $10,099
Interest income -0- 753.71 190 1,015
Long-term capital gain-0- -0- -0- 25,061
Total income 75,321 50,416.33 24 36,175
Total assets 171,769 1164,956.00 166,836 200,135
Total liabilities 57,267 1-0- 1,856 56
1 A balance sheet is not attached to the 1991 return submitted
as an exhibit to the response of the Estate of James R. Tobias to
respondent's and petitioner Darwin Tobias' cross-motions for summary
judgment. This amount is the beginning of the year amount reported
on the balance sheet attached to the 1992 return as Schedule L.
The partnership returns identify James and Darwin as 50-
percent partners and allocate 50 percent of each
distributive share item of the partnership to each of them.
The partnership returns for 1992 and 1993 include Schedules
K-1, Partner's Share of Income, Credits, Deductions, etc.,
which report identical capital accounts for each brother.
The capital accounts reported on the Schedules K-1 for each
brother for 1992 and 1993 are as follows:
Capital at Withdrawals
Beginning Capital and Capital at
Year of Year Contributed Income DistributionsEnd of Year
1992 $82,478 -0- $12 -0- $82,490
1993 82,490 $115 17,435 -0- 100,040
James and his wife included 50 percent of the part-
nership's ordinary income and interest income for 1991 and
1993 in the gross income reported on their joint returns
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Last modified: May 25, 2011