- 18 -
11 Current year business energy investment credit - Add lines
7 through 10[12] . . . . . . . . . . . . . . . . . . . . . . 57,750
* * * * * * *
14 Tentative business energy investment credit - Add lines
11 through 13.[13] Enter here and on line 25 of Form
3468 . . . . . . . . . . . . . . . . . . . . . . . . . . . 57,750
The following appeared on the bottom of Schedule B of Form
3468:
TYPE OF PROPERTY 3-YEAR OTHER NONRECOVERY
C - RECYCLING 577,500.
It was not obvious from reviewing Form 3468 (1) that $57,750
of the $59,835 investment tax credit shown in Form 3468, “Part
III. - Tentative Regular Investment Credit”, was attributable to
Madison Recycling and (2) that the $56,657 business energy
investment tax credit shown in Schedule B of Form 3468
was attributable to Madison Recycling. (For convenience, we
shall sometimes refer collectively to the claimed $57,750 invest-
ment tax credit attributable to Madison Recycling and the claimed
$56,657 business energy investment tax credit attributable to
Madison Recycling as the claimed Madison Recycling tax credits of
$114,407.)
Prior to the preparation of the 1982 joint tax return, Mr.
Korchak never sought or received any tax advice from Mr. Sokol
12No entries were made on lines 8 through 10 of Schedule B
of Form 3468.
13No entries were made on lines 12 and 13 of Schedule B of
Form 3468.
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