Law v. Commissioner
United States Tax Court
P was a partner in a limited partnership organized to acquire and distribute a motion picture film. In the notice of deficiency and by amendment to his answer, the Commissioner has disallowed all of the loss claimed by P as his distributive share of the partnership's net loss, on the grounds, among others, that the partnership did not acquire a depreciable interest in the film, that the partnership's depreciable basis in the film was overvalued, that the loss, if allowable,…
Read the full summary
P was a partner in a limited partnership organized to acquire and distribute a motion picture film. In the notice of deficiency and by amendment to his answer, the Commissioner has disallowed all of the loss claimed by P as his distributive share of the partnership's net loss, on the grounds, among others, that the partnership did not acquire a depreciable interest in the film, that the partnership's depreciable basis in the film was overvalued, that the loss, if allowable, was limited to the amount to which P was "at risk," and that the partnership's activities were not engaged in for…
1Opinion of the Court
OPINION
Simpson, Judge:
On March 28,1985, the Commissioner filed a "Motion for Leave to File Second Amendment to Answer,” pursuant to Rule 41(a) of the Tax Court Rules of Practice and Procedure.1 He seeks leave to amend his answer to assert the applicability of section 6621(d), I.R.C. 1954,2 as added by section 144 of the Tax Reform Act of 1984, Pub. L. 98-369, 98 Stat. 682, which increased the rate of interest on substantial underpayments attributable to certain tax motivated transactions. The petitioners, William J. and Helen M. Law, have filed a "Notice of Objection” to the Commissioner’s…
2Cases cited18 opinions
- Burnet v. HarmelSupreme Court of the United States · 1932
- Crane v. CommissionerSupreme Court of the United States · 1947
- Estate of Horvath v. CommissionerUnited States Tax Court · 1973
- Estate of Baron v. CommissionerUnited States Tax Court · 1984
- Wildman v. CommissionerUnited States Tax Court · 1982
13 more not listed; retrieve them via the Exa API.
3Cited by62 opinions
- Neely v. CommissionerUnited States Tax Court · 1985
- Parker v. CommissionerUnited States Tax Court · 1986
- Solowiejczyk v. CommissionerUnited States Tax Court · 1985
- Zirker v. CommissionerUnited States Tax Court · 1986
- Todd v. CommissionerUnited States Tax Court · 1987
57 more not listed; retrieve them via the Exa API.