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For the 1985 tax year, SGE issued petitioner a Schedule K-1,
Partner’s Share of Income, Credits, Deductions, etc., reporting
petitioner’s distributive share of the ordinary loss from the
partnership in the amount of $30,270 and property eligible for
investment credit in the amount of $155,760. On his 1985 Form
1040, Individual Income Tax Return, petitioner deducted from his
total income the $30,270 of ordinary loss passed through from SGE
and claimed a $729 general business credit relating to SGE.
After his 1985 income tax return was filed, petitioner filed
a Form 1045, Application for Tentative Refund, requesting a
refund of income tax for the 1982, 1983, and 1984 tax years.
Petitioner’s refund request was based on carrying back to those
tax years unused general business credits relating to his
distributive share of qualified investment property from SGE for
1985.
SGE issued petitioner a Schedule K-1 for 1986, reporting
petitioner’s distributive share of the ordinary loss from the
partnership in the amount of $36,324. On his 1986 individual tax
return, petitioner deducted from his total income the $36,324 of
ordinary loss passed through from SGE and claimed an $842 general
business credit relating to SGE that he carried forward from the
previous year.
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