Colorado, Ltd. v. Commissioner
United States Tax Court
P is a notice partner of CL. CL purchased a building from FNL on which FNL had made rehabilitation expenditures. CL computed its basis in the building for purposes of determining whether the building had been "substantially rehabilitated" by using FNL's basis in the building prior to the rehabilitation expenditures.
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P is a notice partner of CL. CL purchased a building from FNL on which FNL had made rehabilitation expenditures. CL computed its basis in the building for purposes of determining whether the building had been "substantially rehabilitated" by using FNL's basis in the building prior to the rehabilitation expenditures. Held, CL's basis in the building for purposes of determining whether CL had "substantially rehabilitated" the building so as to be entitled to any rehabilitation investment tax credit is CL's adjusted cost basis in the building less the amount of qualified rehabilitation…
1Opinion of the Court
COLORADO, LTD., MICHAEL L. COOK, A PARTNER OTHER THAN THE TAX MATTERS PARTNER, Petitioner v. COMMISSIONER OF INTERNAL REVENUE, Respondent
Colorado, Ltd. v. Commissioner
Docket No. 28891-89.
United States Tax Court
T.C. Memo 1992-157; 1992 Tax Ct. Memo LEXIS 158; 63 T.C.M. (CCH) 2435; T.C.M. (RIA) 92157;
March 18, 1992, Filed
Decisions will be entered under Rule 155.
P is a notice partner of CL. CL purchased a building from FNL on which FNL had made rehabilitation expenditures. CL computed its basis in the building for purposes of determining whether the building had been "substantially…
2Cases cited3 opinions
- Samuel Pollack and Annie Pollack v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1968
- Pollack v. CommissionerUnited States Tax Court · 1966
- Alexander v. CommissionerUnited States Tax Court · 1991
3Cited by1 opinion
- Liljeberg v. Comm'rUnited States Tax Court · 2017