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Included as part of the 1998 partnership return for Kildare
Timmy’s short and final taxable year was Schedule K-1, Partner’s
Share of Income, Credits, Deductions, Etc. (Schedule K-1),
relating to Mr. Ramsburg. A statement (explanatory statement
relating to Mr. Ramsburg’s Schedule K-1) entitled “Schedule K-1,
Column C Reconciliation” purported to explain how the amount
shown for 1998 (i.e., a loss of $4,592)10 in Item J, Column (c)
of such Schedule K-1 (i.e., Partner’s share of lines 3, 4, and 7,
Form 1065, Schedule M-2) was calculated. The explanatory state-
ment relating to Mr. Ramsburg’s 1998 Schedule K-1 showed the
following:
Description Amount
Ordinary Income (Loss) ($4,592)
Loss on Disposition1 (69,772)
Total to Schedule K-1, (74,364)
Item J, Column C
1The explanatory statement relating to Mr. Ramsburg’s Sched-
ule K-1 did not provide any details about “Loss on Disposition”.
Included as part of the 1998 partnership return was Schedule
K-1 relating to Mr. Stottlemeyer. A statement (explanatory
statement relating to Mr. Stottlemeyer’s Schedule K-1) entitled
“Schedule K-1, Column C Reconciliation” purported to explain how
the amount shown for 1998 (i.e., $0) in Item J, Column (c) of
such Schedule K-1 (i.e., Partner’s share of lines 3, 4, and 7,
10The loss of $4,592 is the amount shown in the chart above
as Mr. Ramsburg’s distributive share of ordinary loss from trade
or business activities.
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