Sugarloaf Fund LLC v. Comm'r
United States Tax Court
In 2005, S, a purported partnership, set up Illinois common law business trusts Main Trust and Sub-Trust. S then transferred distressed Brazilian consumer receivables to Main Trust. S, Main Trust, and the trustee in turn allocated the receivables to Sub-Trust. E transferred cash to Main Trust in exchange for the entire beneficial interest in Sub-Trust.
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In 2005, S, a purported partnership, set up Illinois common law business trusts Main Trust and Sub-Trust. S then transferred distressed Brazilian consumer receivables to Main Trust. S, Main Trust, and the trustee in turn allocated the receivables to Sub-Trust. E transferred cash to Main Trust in exchange for the entire beneficial interest in Sub-Trust. E wrote off most of the value of the receivables as an I.R.C. sec. 166 bad debt deduction, claiming a carryover basis in the receivables equal to S' basis. R issued a notice of final partnership administrative adjustment regarding S' 2004 and…
1Opinion of the Court
OPINION
Wherry, Judge:
The petition in this case was filed by Jet-stream Business Limited (Jetstream) as tax matters partner for Sugarloaf Fund, LLC (Sugarloaf), on January 8, 2010. On July 12, 2012, Timothy J. Elmes filed an election to participate in this case pursuant to section 6226(c).1 On July 19, 2012, Mr. Elmes filed a motion requesting that the Court stay consolidation of this case with other transactionally related cases. On July 30, 2012, Mr. Elmes filed a motion requesting a determination that he is a partner of Sugarloaf. The Court invited petitioner and respondent to file…
2Cases cited8 opinions
- Commissioner v. CulbertsonSupreme Court of the United States · 1949
- Elizabeth N. Callaway v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 2000
- Superior Trading, LLC v. CommissionerCourt of Appeals for the Seventh Circuit · 2013
- Cemco Investors, LLC v. United StatesCourt of Appeals for the Seventh Circuit · 2008
- PCMG Trading Ptnrs. XX, L.P. v. Comm'rUnited States Tax Court · 2008
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3Cited by4 opinions
- Rogers v. Comm'rUnited States Tax Court · 2014
- Amanda Iris Gluck Irrevocable Trust v. CommissionerUnited States Tax Court · 2020
- Sugarloaf Fund LLC v. Comm'rUnited States Tax Court · 2013
- Sugarloaf Fund, LLC, Jetstream Business Limited, Tax Matters Partner v. CommissionerUnited States Tax Court · 2013