- 12 - 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.Page: Previous 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 Next
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