Harris v. Commissioner
United States Tax Court
Petitioner, who owned an undivided 40-percent interest in shopping center real estate, and other persons, who owned the other 60 percent, formed a partnership to own and operate the shopping center. Later, petitioner decided he wanted to liquidate his investment.
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Petitioner, who owned an undivided 40-percent interest in shopping center real estate, and other persons, who owned the other 60 percent, formed a partnership to own and operate the shopping center. Later, petitioner decided he wanted to liquidate his investment. In 1967 the partnership sold at a loss an undivided 10-percent interest in the real estate to certain trusts, and the other partners agreed to distribute the proceeds of the sale and allocate the loss to petitioner with the understanding that his capital account would be reduced by the loss and that his interest in the partnership…
1Opinion of the Court
FeatheestoN, Judge:
Respondent determined deficiencies of $23,-464.99 and $111,759.41, respectively, in petitioners’ 1967 and 1968 Federal income tases. The issues for decision are:(1) Whether a partnership, of which petitioner was a member, made an arm’s-length sale in 1967 when it conveyed an undivided 10-percent interest in its shopping center real estate to certain trusts; if so,(2) Whether the loss realized on the 1967 transaction arose, in substance, from the sale of a partnership interest within the meaning of section 741; 1(3) Whether petitioner made an arm’s-length sale in 1968 when…
2Cases cited12 opinions
- Messing v. CommissionerUnited States Tax Court · 1967
- Foxman v. CommissionerUnited States Tax Court · 1964
- Lagreide v. CommissionerUnited States Tax Court · 1954
- Weller v. CommissionerUnited States Tax Court · 1962
- Orrisch v. CommissionerUnited States Tax Court · 1970
7 more not listed; retrieve them via the Exa API.
3Cited by42 opinions
- Petaluma FX Partners, LLC v. Comm'rUnited States Tax Court · 2008
- Gulfstream Land & Development Corp. v. CommissionerUnited States Tax Court · 1979
- Smith v. CommissionerUnited States Tax Court · 1985
- Davis v. CommissionerUnited States Tax Court · 1980
- Goldfine v. CommissionerUnited States Tax Court · 1983
37 more not listed; retrieve them via the Exa API.