Elliston v. Commissioner
United States Tax Court
Petitioner was a partner in a general partnership that was a limited partner in five limited partnerships that engaged in equipment leasing activities. Held, under sec. 465, I.R.C. 1954, the general partnership may net losses and gains distributed to it by the limited partnerships in determining petitioner's distributive share of loss from the general partnership's equipment leasing activities.
1Opinion of the Court
OPINION
Cohen, Judge:
Respondent determined the following deficiencies in petitioners’ Federal income taxes:
Year Deficiency
1975. $2,823.78
1976 . 6,682.94
1977. 24,304.34
1978 . 6,637.72
After concessions by petitioners, the issue remaining for decision in this fully stipulated case is whether section 465(c)(2)1 permits the gains of certain limited partnerships (the second-tier partnerships) to be netted against the losses of other second-tier partnerships in determining petitioner Daniel G. Elliston’s net distributive gain or loss from his interest in a general partnership (the first-tier…
2Cases cited4 opinions
- Commissioner v. CulbertsonSupreme Court of the United States · 1949
- Crane v. CommissionerSupreme Court of the United States · 1947
- United States v. AtkinsCourt of Appeals for the Fifth Circuit · 1951
- Klein v. CommissionerUnited States Tax Court · 1952
3Cited by8 opinions
- Capek v. CommissionerUnited States Tax Court · 1986
- Cal-Maine Foods, Inc. v. CommissionerUnited States Tax Court · 1989
- University Hill Foundation v. CommissionerUnited States Tax Court · 1969
- Callahan Mining Corp. v. CommissionerUnited States Tax Court · 1969
- Cal-Maine Foods, Inc. v. CommissionerUnited States Tax Court · 1989
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