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cashflow, and taxable income or loss. Investors were warned,
however, that those projections, which had been prepared for the
general partner, had not been audited and that they should not be
relied on to indicate the actual results that might be attained.
G. Petitioners’ Accountant and Return Preparer Lloyd Maryanov
Lloyd Maryanov (Mr. Maryanov), a certified public accountant
and a named partner in the accounting firm of Maryanov, Madsen,
Gordon & Campbell of Palm Springs, California, prepared
petitioners’ income tax return for 1983. In preparing
petitioners’ return, Mr. Maryanov relied on the Schedule K-1 given
to him by petitioner. See infra “H”.
H. Petitioners’ 1983 Schedule K-1 and Income Tax Return
Petitioner received a Schedule K-1, Partner’s Share of
Income, Credits, Deductions, etc., from San Nicholas for 1983.
The Schedule K-1 reported that petitioner’s distributive share of
partnership loss from San Nicholas was $24,710 for the year.
Petitioners timely filed a joint Federal income tax return,
Form 1040, for 1983. Petitioners attached to their return page 2
of Schedule E, Supplemental Income and Loss, and claimed thereon a
loss from San Nicholas in the amount of $24,710. Petitioners then
offset this loss against their other income. See supra “A”.
I. Jojoba Partnership Litigation
San Nicholas was examined by the Internal Revenue Service,
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