Pappas v. Commissioner
United States Tax Court
Petitioner exchanged a general partnership interest in Parkview and then, together with those with whom he exchanged the interest, formed a limited partnership (Kenosha). Kenosha was formed by petitioner's contributing his services for his 2-percent general partnership interest and the others contributing the partnership interest in Parkview that they had acquired from petitioner for their 98-percent limited partnership interest.
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Petitioner exchanged a general partnership interest in Parkview and then, together with those with whom he exchanged the interest, formed a limited partnership (Kenosha). Kenosha was formed by petitioner's contributing his services for his 2-percent general partnership interest and the others contributing the partnership interest in Parkview that they had acquired from petitioner for their 98-percent limited partnership interest. Held, the substance of the transactions coincides with the form, and gain from the exchange of general partnership interests need not be recognized under sec.…
1Opinion of the Court
Goffe, Judge: *
The Commissioner determined deficiencies and additions to tax in petitioners’ Federal income tax for the taxable years 1973,1976,1977, and 1978 as follows:
Taxable year Petitioner Deficiency Sec. 6653(a)1
1973 Peter N. Pappas $4,423.00 $221.15
1976 Peter N. Pappas 37,254.90 1,862.75
1977 Peter N. and Marlene Pappas2 3,550.50 0
1978 Peter N. and Marlene Pappas 1,021.93 0
Upon appropriate motion, the cases were consolidated for trial, briefs, and opinion.
Due to concessions by the parties, the issues which remain for our consideration are: (1) Whether petitioner Peter N. Pappas…
2Cases cited8 opinions
- D. Ginsberg & Sons, Inc. v. PopkinSupreme Court of the United States · 1932
- Gulfstream Land & Development Corp. v. CommissionerUnited States Tax Court · 1979
- Marian Essenfeld v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1962
- Essenfeld v. CommissionerUnited States Tax Court · 1961
- Estate of Rollin E. Meyer, Sr., Deceased v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1974
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3Cited by6 opinions
- Norman J. And Beverly G. Magneson v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1985
- Garcia v. CommissionerUnited States Tax Court · 1998
- Magneson v. CommissionerUnited States Tax Court · 1983
- Magneson v. CommissionerUnited States Tax Court · 1983
- Pappas v. CommissionerUnited States Tax Court · 1982
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