Boynton v. Commissioner
United States Tax Court
T and P entered into an equal partnership agreement. As amended, the agreement continued to provide that profits were to be divided equally and losses were to be borne equally; however, it provided further that for purposes of Federal income tax returns 100 percent of the losses were to be allocated to T as his "distributive share." Held, T is entitled to deduct only one-half of the partnership's 1974 losses.
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T and P entered into an equal partnership agreement. As amended, the agreement continued to provide that profits were to be divided equally and losses were to be borne equally; however, it provided further that for purposes of Federal income tax returns 100 percent of the losses were to be allocated to T as his "distributive share." Held, T is entitled to deduct only one-half of the partnership's 1974 losses. Kresser v. Commissioner, 54 T.C. 1621 (1970), and Holladay v. Commissioner, 72 T.C. 571 (1979), followed.
1Opinion of the Court
Joe T. Boynton and Helen J. Boynton, Petitioners v. Commissioner of Internal Revenue, Respondent
Boynton v. Commissioner
Docket No. 10526-77
United States Tax Court
72 T.C. 1147; 1979 U.S. Tax Ct. LEXIS 53;
September 24, 1979, Filed
Decision will be entered for the respondent.
T and P entered into an equal partnership agreement. As amended, the agreement continued to provide that profits were to be divided equally and losses were to be borne equally; however, it provided further that for purposes of Federal income tax returns 100 percent of the losses were to be allocated to T as his "distributive…
2Cases cited7 opinions
- United States v. S. S. White Dental Manufacturing Co.Supreme Court of the United States · 1927
- Kresser v. CommissionerUnited States Tax Court · 1970
- Boynton v. CommissionerUnited States Tax Court · 1979
- Holladay v. CommissionerUnited States Tax Court · 1979
- Frank E. Sellers, Transferee of the Assets of Norpaco Builders, Inc., Transferor v. Commissioner of Internal RevenueCourt of Appeals for the Fourth Circuit · 1979
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