- 90 -
Income (Loss) Cancellation of
Year from PKVI LP Indebtedness Income
1990 –- –-
1991 ($654,236) $1,061,372
1992 (1,008,745) -–
1993 (689,766) --
1994 (373,590) --
1995 (679,795) -–
The Roses attached the following statement, in pertinent
part, to their joint income tax return for 1990:
The above mentioned taxpayers have elected to
carryforward the net operating lossess [sic] of the
following companies for the tax period ending 12/31/90:
* * * * * * *
2. PK Ventures I Limited Partnership, (1990) the
aggregate amount of $422,629, which appears on the
taxpayer’s Schedule K-1 (Form 1065) line 1, * * *
* * * * * * *
In addition, unused outstanding amounts have been
carried forward: * * * PK Ventures I Limited
Partnership (1988) of $103,820 * * * and
PK Ventures I Limited Partnership (1989) of $318,768.
This statement was signed by the Roses and dated October 12,
1991. In sum, the Roses carried forward losses from PKVI LP
totaling $845,217.
The Roses attached the following statement, in pertinent
part, to their joint income tax return for 1991:
The above mentioned taxpayers have elected to
carryforward the net operating lossess [sic] of the
following companies for the tax period ending 12/31/91:
1. The amount of $318,768 of unapplied net operating
loss from PK Ventures I LP (1989) * * * was
carried forward to 1991. Of this amount, $127,452
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