- 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.Page: Previous 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 Next
Last modified: May 25, 2011