Davis v. Commissioner
United States Tax Court
Held, under the facts of record, Lewis E. Gaines, individually, and not Gaines Properties, was the general partner in the seven Tennessee and Kentucky limited partnerships.
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Held, under the facts of record, Lewis E. Gaines, individually, and not Gaines Properties, was the general partner in the seven Tennessee and Kentucky limited partnerships. Held, further, the principles of sec. 267(a)(1), I.R.C., 1954, are applicable to sec. 707(b)(1)(B), and therefore, based on Hassen v. Commissioner, 63 T.C. 175 (1974), affd. 599 F.2d 305 (9th Cir. 1979), since the record shows the existence of an agreement between two partnerships owned 100 percent by the same persons and the bank to transfer ownership of certain property from one partnership to the other without the…
1Opinion of the Court
SCOTT, Judge:
Respondent determined deficiencies in petitioners’ Federal income taxes in the amounts and for the years as follows:
Year ending Dec. 31— Deficiency
1974 . $24,216.15
1975 . 35,683.53
1976 . 15,740.54
Some of the issues raised by the pleadings have been disposed of by agreement of the parties, leaving for decision (1) whether Frank C. Davis, Jr. (petitioner), received income in each of the years in issue from his limited partnership interest in Gaines Properties (Properties), a Tennessee limited partnership, because of Properties being the general partner in seven limited…
2Cases cited9 opinions
- Wichita Term. El. Co. v. Commissioner of Int. R.Court of Appeals for the Tenth Circuit · 1947
- Fred M. Archer and Evie B. Archer v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1955
- McWilliams v. CommissionerSupreme Court of the United States · 1947
- Robert H. McNeill v. Commissioner of Internal RevenueCourt of Appeals for the Fourth Circuit · 1958
- McCarty v. Cripe, Collector of Internal RevenueCourt of Appeals for the Seventh Circuit · 1953
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