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Form 1065, Schedule M-2)11 was calculated. The explanatory
statement relating to Mr. Stottlemeyer’s 1998 Schedule K-1 showed
the following:
Description Amount
Gain on Disposition1 $69,772
Total to Schedule K-1, 69,772
Item J, Column C
1The explanatory statement relating to Mr. Stottlemeyer’s
Schedule K-1 did not provide any details about “Gain on Disposi-
tion”.
The 1998 partnership return included Form 4797, Sales of
Business Property (Form 4797). In Part III of that form, Gain
From Disposition of Property Under Sections 1245, 1250, 1252,
1254, and 1255, Kildare Timmy claimed the following with respect
to the racing and breeding horses that it distributed to Mr.
Ramsburg:
11The amount of $0 is the amount shown in the chart above as
Mr. Stottlemeyer’s distributive share of ordinary income or loss
from trade or business activities.
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