Milliken v. Commissioner
United States Tax Court
After separation from a partnership, petitioner was to receive a sec. 736, I.R.C. 1954, payment over the course of 5 years. Under the partnership agreement the possibility existed that such payment could be netted against amounts owed the partnership. Held, the sec. 736(a) and (b) amounts determined. Held, further, sec. 1.736-1(b)(5), Income Tax Regs., applied to the sec. 736 payments.
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After separation from a partnership, petitioner was to receive a sec. 736, I.R.C. 1954, payment over the course of 5 years. Under the partnership agreement the possibility existed that such payment could be netted against amounts owed the partnership. Held, the sec. 736(a) and (b) amounts determined. Held, further, sec. 1.736-1(b)(5), Income Tax Regs., applied to the sec. 736 payments. Held, further, petitioner failed to meet his burden of proof with respect to an alleged investment credit, an alleged loss, and infringement of his constitutional rights.
1Opinion of the Court
Elwood R. and Joyce A. Milliken, Petitioners v. Commissioner of Internal Revenue, Respondent
Milliken v. Commissioner
Docket No. 806-77
United States Tax Court
72 T.C. 256; 1979 U.S. Tax Ct. LEXIS 129;
April 25, 1979, Filed
Decision will be entered under Rule 155.
After separation from a partnership, petitioner was to receive a sec. 736, I.R.C. 1954, payment over the course of 5 years. Under the partnership agreement the possibility existed that such payment could be netted against amounts owed the partnership. Held, the sec. 736(a) and (b) amounts determined. Held, further, sec. 1.736-1(b)(5),…
2Cases cited3 opinions
- Welch v. HelveringSupreme Court of the United States · 1933
- Holman v. CommissionerUnited States Tax Court · 1976
- Milliken v. CommissionerUnited States Tax Court · 1979