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1990 1991 1992 1993
Total assets $171,769 1$164,956 $166,836 $200,135
Total liabilities 57,267 1-0- 1,856 56
Net asset value (NAV)114,502 164,956 164,980 200,079
Increase in NAV from
previous year n/a 50,454 24 35,099
Total partnership
income2 75,321 50,416 24 36,175
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.
2 Total partnership income is the sum of ordinary income,
interest income, and capital gain reported on the partnership returns.
The above schedule shows a direct correlation between the
increase in the net asset value of the partnership for each
year and the amount of income reported. Because the State
court ordered that all remaining assets of the partnership
be distributed to James, we agree with respondent that the
income of the partnership for the years in issue inured to
James' benefit.
Furthermore, it is not evident that any distribution
to James or to his estate upon liquidation of the partner-
ship would be minimal. Under the 1997 State court opinion,
after the partnership's liabilities are paid, the estate is
to receive various real estate improvements and fixtures
valued by the State court at $144,234 and other assets.
Moreover, even if the amount of the distribution were
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