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RCR #4 Partnership
Deductions 1984
Depreciation $272,729
Boarding fees 103,876
376,605
RCR #5 Partnership
Deductions 1987 1988 1989
Depreciation $729,088 $457,032 $754,673
Interest 18,817 3,308 161,310
Other farm deductions 81,746 52,727 39,719
Guaranteed payments 3,954 3,590 2,418
Total 833,605 516,657 958,120
RCR 85-2 Partnership
Deductions 1987 1988 1989
Depreciation $796,472 $346,875 $1,135,605
Interest 10,657 2,605 188,252
Mortgage interest1 -0- 2,068 -0-
Other farm deductions 81,746 52,572 39,719
Guaranteed payments -0- 560 398
888,875 404,680 1,363,974
1On the 1989 return, mortgage interest was included in the
other farm deductions amount.
C. Examination of Returns
Since approximately 1980, the IRS had regularly examined
many of the partnership returns of the Hoyt cattle partnerships
and the individual returns of their partners. The IRS also
examined the sheep partnerships’ returns and the individual
returns of their partners. Because Hoyt did not maintain
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Last modified: November 10, 2007