David C. Jonson and Estate of Barbara J. Jonson, Deceased - Page 5

                                        - 5 -                                         
               At the time of the petition, the Jonsons resided in Golden,            
          The Joint Returns                                                           
               For 1981 and 1982 (the audit years), the Jonsons made joint            
          returns of income (the 1981 joint return, the 1982 joint return,            
          and, collectively, the joint returns).  Among the attachments to            
          the 1981 joint return is a Schedule K-1, Partner’s Share of                 
          Income, Credits, Deductions, Etc. – 1981, identifying David as a            
          limited partner in a partnership, Vulcan Oil Technology (Vulcan),           
          and showing, as a “distributive share item”, a loss of $75,620.             
          Such loss is further reflected on a Schedule E, Supplemental                
          Income and Loss Schedule, attached to the 1981 joint return and             
          in a composite figure carried from such Schedule E to the first             
          page of the 1981 joint return, where such composite figure is               
          deducted.  The Schedule K-1 also shows that David’s interest in             
          Vulcan’s profits, losses, and capital is 1.415 percent.  The                
          facts are similar for 1982, except that the amount of the loss is           
          $71,078 (the losses for 1981 and 1982 being referred to,                    
          collectively, as the Vulcan losses).                                        
               David prepared the joint returns.  Barbara knew that the               
          Vulcan losses were claimed on those returns.                                

Page:  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