- 15 -
Property Qualified for
Investment Credit New
Name of Partnership Recovery Property - Other
Kelly-Brock Drilling Partners 1981-1 $11,447
Odessey Partners 81 Limited Partnership 8,161
Matagorda Limited Partnership II 1,246
Madison Recycling 577,500
Neither Schedule E nor Statement 2 referred to Form 3468,
Computation of Investment Credit (Form 3468), that was included
as part of the 1982 joint tax return.
Form 3468, “PART II. - Qualified Investment”, showed the
following:
(1) (2) (3) (4)
Qualified
Investment
Class of UnadjustedApplicable(Column 2 x
1 Recovery Property Line Property Basis percentage column 3)
New (a) 3-year 60
Property
Regular (b) Other 598,354 100 598,354
Percentage
Used (c) 3-year 60
Property
(d) Other 100
* * * * * * *
5 Total qualified investment in 10% property - Add lines
1(a) through 1(h), 2, 3, and 4 (See instructions for
special limits)[9] . . . . . . . . . . . . . . . . . . . . . 598,354
Form 3468, “PART III. - Tentative Regular Investment
Credit”, showed the following:
9No entries were made on lines 1(e) through 1(h) and lines 2
through 4 of Form 3468.
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