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Suzanne Higbee, president, and Martin Higbee, secretary. The
agent appointed for the corporation was Dan Preiser. In 1995 Mr.
Preiser, petitioners' accountant, prepared Form SS-4, Application
for Employer Identification Number, and Form 2553, Election by a
Small Business Corporation (Under Section 1362 of the Internal
Revenue Code), for the corporation. The forms were not filed in
1995 because the business had not yet begun in that year. In
early 1996, Mr. Preiser instructed Mr. Higbee to file both Forms
SS-4 and 2553.
Petitioners filed Federal income tax returns for 1997 and
1998, each with an attached Schedule E, Supplemental Income and
Loss (From rental real estate, royalties, partnerships, S
Corporations, estates, trusts, REMICs, etc.). The Schedules E
indicate that each petitioner has a 50-percent ownership interest
in "CACTUS QUAIL ENT INC". The corporation is listed as an S
corporation with the employer identification number (EIN) 86-
0819375. Each petitioner deducted an S corporation loss for each
year.
The corporation filed Forms 1120S, U.S. Income Tax Return
for an S Corporation, for calendar years 1997 and 1998, attaching
a Schedule K-1, Shareholder's Share of Income, Credits,
Deductions, Etc., for each of petitioners. Mr. Preiser, the
designated corporate agent, signed as the preparer of the
returns.
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