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
Sterrett, Judge:
Respondent, on November 23, 1976, issued a statutory notice in which he determined a deficiency in petitioners’ Federal income tax for their taxable year 1974 in the amount of $874.88.
FINDINGS OF FACT
Some of the facts have been stipulated and are so found. The stipulation of facts, together with the exhibits attached thereto, are incorporated herein by this reference.
Petitioners Elwood R. and Joyce A. Milliken, husband and wife, resided in Sebago Lake, Maine, at the time the petition herein was filed. Petitioners are cash basis, calendar year taxpayers. They filed their…
2Cases cited2 opinions
- Welch v. HelveringSupreme Court of the United States · 1933
- Holman v. CommissionerUnited States Tax Court · 1976
3Cited by5 opinions
- Estate of Quirk v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 1991
- Estate of Thomas P. Quirk, Deceased, Gregory J. Quirk, Norman D. Rollins, Co-Administrators, Mary C. Quirk, (90-1129) v. Commissioner of Internal Revenue, John P. Lawler, Eileen F. Lawler, Michael J. Skelly, Georgette T. Skelly, Karim A. Abood, Donna H. Abood, Felix E. Matusky, Florence P. Matusky v. Commissioner of Internal Revenue, (90-1183/1185/1186/1187)Court of Appeals for the Sixth Circuit · 1991
- Estate of Quirk v. CommissionerUnited States Tax Court · 1988
- Milliken v. CommissionerUnited States Tax Court · 1979
- Zager v. CommissionerUnited States Tax Court · 1987