Rhone-Poulenc Surfactants & Specialties, L.P. v. Commissioner
United States Tax Court
R's notice of final partnership administrative adjustment (FPAA) treated 1990 transfers of business assets to P's partnership as taxable sales by P rather than as nontaxable transfers in exchange for partnership interests under sec. 721, I.R.C. P, a partner other than the tax matters partner, filed the petition and then moved for summary judgment on the ground that the period of limitations for assessing any tax resulting from this partnership proceeding has expired.
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R's notice of final partnership administrative adjustment (FPAA) treated 1990 transfers of business assets to P's partnership as taxable sales by P rather than as nontaxable transfers in exchange for partnership interests under sec. 721, I.R.C. P, a partner other than the tax matters partner, filed the petition and then moved for summary judgment on the ground that the period of limitations for assessing any tax resulting from this partnership proceeding has expired. R alleges that failure to report the sale on P's return resulted in omission of more than 25 percent of reported gross income…
1Opinion of the Court
OPINION
Ruwe, Judge:
This case is a partnership-level action based on a petition filed pursuant to section 6226.1 Section 6226 is one of a group of provisions concerning the tax treatment of partnership items that was added to the Code by the Tax Equity and Fiscal Responsibility Act of 1982 .(tefra), Pub. L. 97-248, sec. 402(a), 96 Stat. 648 (tefra partnership provisions).2 The matter before the Court is petitioner’s motion for summary judgment, based on the claim that the period of limitations for making assessments of tax has expired.
The Internal Revenue Code prescribes no period during which…
2Cases cited37 opinions
- Badaracco v. CommissionerSupreme Court of the United States · 1984
- Weinberger v. Hynson, Westcott & Dunning, Inc.Supreme Court of the United States · 1973
- Joseph R. Dileo, Mary A. Dileo, Walter E. Mycek, Jr., Michele A. Mycek and Arcelo Reproduction Company, Inc. v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1992
- E. I. Dupont De Nemours & Co. v. DavisSupreme Court of the United States · 1924
- Parks v. CommissionerUnited States Tax Court · 1990
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3Cited by110 opinions
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- Ad Global Fund, Llc, by and Through North Hills Holding, Inc., a Partner Other Than the Tax Matters Partner v. United StatesCourt of Appeals for the Federal Circuit · 2007
- Intermountain Insurance Service of Vail, Ltd. Liability Co. v. CommissionerUnited States Tax Court · 2010
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