Alexander v. Comm'r
United States Tax Court
The Court filed its opinion in this case at T.C. Memo. 1990-141. Ps were limited partners in certain partnerships involved in computer software development. We held that the payees of certain promissory notes issued by the partnerships held interests in the partnerships, other than interests as creditors, under sec. 465(b)(3)(A). R moved for reconsideration, calling into question whether sec. 465(b)(3)(A) applies to the activities of the partnerships.
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The Court filed its opinion in this case at T.C. Memo. 1990-141. Ps were limited partners in certain partnerships involved in computer software development. We held that the payees of certain promissory notes issued by the partnerships held interests in the partnerships, other than interests as creditors, under sec. 465(b)(3)(A). R moved for reconsideration, calling into question whether sec. 465(b)(3)(A) applies to the activities of the partnerships. Held: The partnerships were not engaged in the activity of leasing sec. 1245 property, under sec. 465(c)(1)(C). The partnerships were engaged…
1Opinion of the Court
SUPPLEMENTAL OPINION
PARR, Judge:
This matter is before the Court on respondent’s motion for reconsideration filed April 18, 1990. Petitioner Kathryn Molakides in docket No. 18367-86 filed notice of no objection to respondent’s motion. No other petitioner has filed a response to respondent’s motion.
Respondent asks us — against his own interest — to find that the at-risk rules of section 4652 do not apply to the activity of the partnerships in question, if we determine it was a “new activity” under section 465(c)(3)(A). This is because, for 12 years, respondent has failed to promulgate the…
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