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State and local taxes, a $1,310 capital loss, and a $22,924
Schedule E loss. Most of the Schedule E loss ($22,646) was
attributable to petitioner and Mr. Bartak’s investment in the
Hoyt partnerships. The total tax listed was $540. The Federal
income tax withheld listed was $5,069.
On their joint income tax return for 1986, petitioner and
Mr. Bartak reported $57,108 in wages. In arriving at total
income, the only additions and subtractions were $11,123 in
interest income, $279 in dividends, $1,389 in taxable refunds of
State and local taxes, and a $34,733 Schedule E loss. Most of
the Schedule E loss ($34,195) was attributable to petitioner and
Mr. Bartak’s investment in the Hoyt partnerships. The total tax
listed was $320. The Federal income tax withheld listed was
$6,569.
Petitioner reviewed her joint returns page by page and she
looked at the items related to the Hoyt partnerships. The large
losses associated with her investment in the Hoyt partnerships
did not surprise her. Petitioner thought that the large
deductions were the reason for investing in the Hoyt
partnerships. Mr. Bartak specifically explained to petitioner
the items on the 1983 return related to the Hoyt partnerships.
The Schedules K-1, Partner’s Share of Income, Credits,
Deductions, etc., issued by Hoyt partnerships (SGE 1983-1 and TBS
#1) to petitioner and Mr. Bartak for 1983, 1984, 1985, and 1986
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