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XI. Andantech’s Federal Income Tax Returns
Andantech filed a Form 1065, U.S. Partnership Return of
Income, for the short tax year beginning September 28, 1993, and
ending December 10, 1993 (the 12/10/93 short period). On Schedule
K, Partners’ Shares of Income, Credits, Deductions, Etc., of the
return, Andantech reported $86,930,528 of income that included
$86,930,096 of net income from other rental activity ($87,805,801
of gross income from other rental activity and $875,705 of expenses
from other rental activity) and $432 of interest income. Andantech
reported on Schedules K-1, Partner’s Share of Income, Credits,
Deductions, Etc., for Mr. Parmentier, Mr. de la Barre
d’Erquelinnes, and NEFI that $85,191,494 of the income was
allocated to Mr. Parmentier, $1,738,736 to Mr. de la Barre
d’Erquelinnes, and $134 to NEFI.
Andantech also filed a Form 1065 for the short tax year
beginning December 11, 1993, and ending December 31, 1993 (the
12/31/93 short period). On Schedule L, Balance Sheets, of the
return, Andantech reported $20,459,014 as liability on mortgages,
notes, and bonds payable in 1 year or more. On Schedule K of the
return, Andantech reported a $2,143,937 loss attributed to a
$2,040,263 depreciation deduction and a $103,674 interest
deduction. Andantech reported no gross income from other rental
activity. Andantech reported on Schedules K-1 that 98 percent of
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