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local taxes, and a $34,923 Schedule E loss. Most of the Schedule
E loss ($32,288) was attributable to the Hoyt partnerships.5 The
total tax listed was zero. The Federal income tax withheld
listed was $6,532.
In 1984, petitioner and Mr. Bartak sold their real estate
partnership investment. Petitioner and Mr. Bartak had a large
capital gain ($112,247) associated with the sale of this
investment.
On their joint income tax return for 1984, petitioner and
Mr. Bartak reported $51,993 in wages. In arriving at total
income, the only additions and subtractions were $9,785 in
interest income, $1,707 in taxable refunds of State and local
taxes, a $112,247 capital gain (related to the sale of the real
estate partnership investment), and a $146,112 Schedule E loss.
Most of the Schedule E loss ($143,278) was attributable to
petitioner and Mr. Bartak’s investment in the Hoyt partnerships.
The total tax listed was $92. The Federal income tax withheld
listed was $5,874.
On their joint income tax return for 1985, petitioner and
Mr. Bartak reported $48,667 in wages. In arriving at total
income, the only additions and subtractions were $10,249 in
interest income, $454 in dividends, $1,343 in taxable refunds of
5 We make no finding that petitioner and Mr. Bartak’s
initial Hoyt partnership investment actually was in 1983.
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