- 8 - 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 returnsPage: 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