- 8 - 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.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