Long v. Commissioner
United States Tax Court
Petitioner filed a motion for reconsideration of findings and opinion. Held, petitioners failed to meet their burden of proof. Held, further, the timing of a partner's reimbursement to another partner for the payment of partnership liabilities is irrelevant for purposes of sec. 752(a), I.R.C. 1954, where the reimbursed partner at all times had complete dominion and control over the assets with which reimbursement was made.
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Petitioner filed a motion for reconsideration of findings and opinion. Held, petitioners failed to meet their burden of proof. Held, further, the timing of a partner's reimbursement to another partner for the payment of partnership liabilities is irrelevant for purposes of sec. 752(a), I.R.C. 1954, where the reimbursed partner at all times had complete dominion and control over the assets with which reimbursement was made. Held, further, petitioners were not prejudiced by our holding under sec. 752(a), I.R.C. 1954.
1Opinion of the Court
SUPPLEMENTAL OPINION
Tietjens, Judge:
Petitioners have filed a motion for reconsideration of findings and opinion under Rule 161, Tax Court Rules of Practice and Procedure, requesting us to reconsider our opinion in Long v. Commissioner, 71 T.C. 1 (1978). The facts in Long are detailed, so a brief recitation of them may be helpful.
Petitioner Marshall Long, as the beneficiary of an estate, claimed certain unused capital loss carryovers of the estate upon its termination. The estate was the successor to the decedent’s interest in a partnership. Most of the losses claimed by petitioner were the…
2Cases cited5 opinions
- Long v. CommissionerUnited States Tax Court · 1978
- Lightsey v. Commissioner of Internal RevenueCourt of Appeals for the Fourth Circuit · 1933
- Selwyn Operating Corp. v. CommissionerUnited States Board of Tax Appeals · 1928
- Owen D. Austin and Lois C. Austin v. United StatesCourt of Appeals for the Tenth Circuit · 1972
- Parker v. CommissionerUnited States Board of Tax Appeals · 1929
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- Marshall Long and Betty C. Long v. Commissioner of Internal RevenueCourt of Appeals for the Tenth Circuit · 1981
- Canal Corp. v. Comm'rUnited States Tax Court · 2010
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