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Part I. Total Investment Interest Expense
Line 1. Investment interest expense
paid or accrued in 2001 $2,779
Line 2. Disallowed investment interest
expense from 2000 Form 4952, line 7 48,765
Line 3. Total investment interest expense 51,544
Part II. Net Investment Income
Line 4a. Gross income from property held for
investment (excluding any net gain from the
disposition of property held for investment) 42,039
Line 4b. Net gain from the disposition
of property held for investment $ ---
Line 4c. Net capital gain from the
disposition of property held for
investment ---
Line 4d. Subtract line 4c from line 4b ---
Line 4e. Enter the amount from line 4c
that you elect to include in investment income ---
Line 4f. Investment Income.
Add lines 4a, 4d, and 4e. 42,039
Line 5. Investment expenses ---
Line 6. Net investment income.
Subtract line 5 from line 4f. 42,039
Part III. Investment Interest Expense Deduction
Line 7. Disallowed investment interest
expense to be carried forward to 2002.
Subtract line 6 from line 3. 9,505
Line 8. Investment interest expense deduction.
Enter the smaller of line 3 or 6. 42,039
Petitioners attached a Schedule D, Capital Gains and Losses,
to their tax return for each taxable year at issue. Petitioners
reported total net capital losses for each taxable year as
follows:
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Last modified: May 25, 2011