- 4 -
1 a Gross receipts or sales
b Less returns and allowances
2 Cost of goods sold
3 Gross profit
4 Ordinary income (loss) from
other partnerships . . . . . . . . $273,262
5 Net farm profit (loss)
6 Net gain (loss) from Form 4797 . . 1,993,034
7 Other income (loss)
8 Total income (loss) . . . . . . . . 2,266,296
On Form 4797, Sales of Business Property, BEP reported sale of
the oil and gas properties in issue as follows:
20 Gross sales price . . . . . . . . $23,898,611
21 Cost or other basis
plus expense of sale . . . . . . 16,515,194
22 Depreciation (or depletion)
allowed or allowable
23 Adjusted basis . . . . . . . . . . 16,515,194
24 Total gain . . . . . . . . . . . . 7,383,417
* * * * * * *
28 If sec. 1254 property:
a Intangible drilling and
development costs, expenditures
for development of mines and
other natural deposits, and
mining exploration costs . . . . 1,993,034
b Enter the smaller of
line 24 or 28a . . . . . . . . 1,993,034
* * * * * * *
30 Total gains for all properties . . 7,383,417
31 [From line 28] . . . . . . . . . . 1,993,034
32 Subtract line 31 from line 30 . . 5,390,383
Attached to BEP’s 9812 Form 1065 was a Statement Regarding a
Partnership Technical Termination as follows:
Pursuant to IRC Sec. 708(b)(1)(B) and the regulations
thereunder, Bakersfield Energy Partners, LP terminated
on April 1, 1998. On that date, certain partners sold
over a 50% ownership interest in the partnership’s
capital and profits to Bakersfield Resources, LLC
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Last modified: November 10, 2007