Tolwinsky v. Commissioner
United States Tax Court
P was a limited partner in H, a partnership formed in 1978. In 1977 and 1978, EMI produced a major motion picture film in accordance with the terms of a production-financing-distribution agreement. Under such agreement, U, a major motion picture distributor, advanced a portion of the production funds in return for the exclusive and perpetual right to distribute the film in the United States and Canada.
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P was a limited partner in H, a partnership formed in 1978. In 1977 and 1978, EMI produced a major motion picture film in accordance with the terms of a production-financing-distribution agreement. Under such agreement, U, a major motion picture distributor, advanced a portion of the production funds in return for the exclusive and perpetual right to distribute the film in the United States and Canada. EMI and U were to share equally in the proceeds from the distribution of the film after U recouped its advance, distribution fee, and expenses. In 1978, EMI assigned all its rights under such…
1Opinion of the Court
SIMPSON, Judge:
The Commissioner determined deficiencies in the petitioner’s Federal income taxes of $23,999 for 1978 and $39,011 for 1979. The issues for decision are: (1) Whether the petitioner, as a limited partner in a partnership purportedly engaged in the purchase and distribution of a motion picture, is entitled to deductions for a distributive share of losses reported by the partnership and, if so, in what amounts; and (2) whether the petitioner is entitled to an investment tax credit.
FINDINGS OF FACT
Some of the facts have been stipulated, and those facts are so found.
The petitioner,…
2Cases cited57 opinions
- Welch v. HelveringSupreme Court of the United States · 1933
- Cohan v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1930
- Helvering v. CliffordSupreme Court of the United States · 1940
- Jack E. Golsen and Sylvia H. Golsen v. Commissioner of Internal RevenueCourt of Appeals for the Tenth Circuit · 1971
- Commissioner v. Court Holding Co.Supreme Court of the United States · 1945
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3Cited by64 opinions
- Rose v. CommissionerUnited States Tax Court · 1987
- Kenneth P. Kirchman and Budagail S. Kirchman, Leo P. Ayotte and Nancy C. Ayotte v. Commissioner of Internal RevenueCourt of Appeals for the Eleventh Circuit · 1989
- Leahy v. CommissionerUnited States Tax Court · 1986
- Larsen v. CommissionerUnited States Tax Court · 1987
- Taube v. CommissionerUnited States Tax Court · 1987
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