-314-
From 1983 through 1986, Kanter and Weisgal received the
following guaranteed payments from Century Industries:
Year Kanter Weisgal
1983 $2,000 $2,000
1984 12,000 --
1985 7,500 --
1986 6,000 6,000
Beginning in about 1987, Century Industries made certain
investments that required significant additional capital
contributions from its partners. Some of these investments
proved to be unsuccessful. Ultimately, in 1988 or 1989, the
partnership was dissolved. Its affairs were wound up and its
remaining investments with any value were distributed to the
partners.
Century Industries filed Forms 1065 (U.S. Partnership
Returns) for 1980 through 1986 which demonstrate that Century
Industries made only a relatively small number of investments and
incurred minimal expenses during that period. On these returns,
the partnership reported the following items of income and
expenses:
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