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1.a. PER RETURN PER EXAM ADJUSTMENT
Capital Gain $857,501 $870,420 $12,919
or Loss
A. It is determined that cash distributions you
received as a result of the liquidation of the interest
owned by Voltaire Trust and/or Ampersand Management
Company Inc. (hereinafter “Ampersand”) through Voltaire
LLC in Alverstone Strategic Investment Fund LLC
(hereinafter “SIF LLC (Partnership)”) during the
taxable year from the SIF LLC (Partnership), exceeded
your basis by the amount of $9,462. This results in a
short-term capital gain. * * *
B. We have adjusted your flow through net capital loss
from the SIF LLC (Partnership). * * *
* * * * * * *
C. Alternatively, you have failed to establish that
your losses meet the requirements of the IRC,
including, but not limited to, IRC �� 165 and 465.
1.b. PER RETURN PER EXAM ADJUSTMENT
Itemized 406,003 130,284 275,719
Deductions
We have adjusted your itemized deductions * * *.
Overall Limitation: An individual whose adjusted gross
income exceeds a threshold amount must reduce the
amount of allowable itemized deductions by three
percent of the excess over the threshold amount. The
1999 threshold is $126,600 for filing status head of
household.
Investment Interest Expense from SIF LLC (Partnership):
Interest expense claimed in the amount of $119,240 for
the taxable year December 31, 1999 did not meet the
requirements for deduction under the Internal Revenue
Code * * *
* * * * * * *
Miscellaneous Itemized Deductions: Certain expenses
deducted as miscellaneous itemized deductions are only
deductible to the extent that they exceed a percentage
of your adjusted gross income. Since we have made
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Last modified: May 25, 2011