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On April 15, 1999, HCMP filed its 1998 partnership return
for the period from January 1 to December 7, 1998. In addition
to reporting that it was a “final” return, the return reported
that as of the end of December 7, 1998, (1) HCMP had terminated
and had no assets or liabilities, (2) HCMP had liquidated
Collins’s interest in it through a cash distribution of $389,662,
(3) each HCMP partner’s share of partnership liabilities was
zero, and (4) each HCMP partner’s capital account had a zero
balance. HCMP’s partners as of December 7, 1998, were Collins,
Marina Holdings, and Sunroad general partnership.6 HCMP reported
on its 1998 partnership return that these partners had received
the following distributions during 1998:
Money Other than Money Total
Sunroad general
partnership $63,996 ($4,312,809) ($4,248,813)
Marina Holdings 18,415 466,023 484,438
Collins 389,662 389,662
Marina Holdings and Sunroad general partnership each filed a
“final” 1998 partnership return for the period from January 1, to
December 7, 1998. Marina Holdings reported on its 1998
partnership return that as of December 7, 1998, its general
partner was Sunroad Asset, and its limited partners were Sunroad
6 Sunroad general partnership began business on Oct. 1,
1998. The record does not reflect the details on the transfer of
the HCMP interest from Sunroad Asset to Sunroad general
partnership.
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