- 20 -
II of Form 1040X), of the first 1990 amended joint return pro-
vided in pertinent part as follows:
Line 8a - Interest income from K1 (1120S) - K1 from
Azure Tides, Inc. was not received until 11-22-91 [af-
ter petitioner and Mr. Monsour filed their original
1990 joint return]
Sch. E - Part II - Nonpassive loss from K1 (1120S) - K1
from Azure Tides, Inc. was not received until 11-22-91
(Copy of K1 attached).
Schedule K-1, Shareholder’s Share of Income, Credits,
Deductions, Etc., relating to Azure Tides, Inc., included as part
of the first 1990 amended joint return (1990 Azure Tides, Inc.,
Schedule K-1)8 identified Mr. Monsour as the shareholder and
showed an ordinary loss from trade or business activities of
$101,805 and portfolio interest income of $518.
In their second 1990 amended joint return, petitioner and
Mr. Monsour showed total adjusted gross income as adjusted of
$255,818, taxable income as adjusted of $169,635, tax as adjusted
of $47,841, credits as adjusted of $1,323, and total tax liabil-
ity as adjusted of $46,518. In that amended return, petitioner
and Mr. Monsour showed a net increase in adjustments to income of
$91,920, correct total adjusted gross income of $163,898, correct
taxable income of $77,715, correct tax of $17,542, correct cred-
its of $0, correct total tax liability of $29,048, and tax due of
$27,391. Part II of Form 1040X of the second 1990 amended joint
8The 1990 Azure Tides, Inc., Schedule K-1 is the only Sched-
ule K-1 that is part of the record in the instant case.
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