Estate of Boyd v. Commissioner
United States Tax Court
In 1974, Boyd subscribed for units in a limited partnership the purpose of which was to purchase and operate producing oil and gas properties.
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In 1974, Boyd subscribed for units in a limited partnership the purpose of which was to purchase and operate producing oil and gas properties. The subscriptions were closed and the partnership was formed on Dec. 31, 1974. The general partner was Patrick Oil & Gas Corp. An interest in a producing oil and gas property was sold to the partnership by the parent of Patrick Oil sometime in 1975. Pursuant to the partnership agreement, on Dec. 31, 1974, the partnership paid Patrick Oil $ 516,450, covering a contribution fee of 15 percent, a management fee of 8.5 percent, and an overhead fee of 6.5…
1Opinion of the Court
Drennen, Judge:
Respondent determined a deficiency in petitioners’ income tax for the calendar year 1974 in the amount of $15,048.
The sole issue to be decided is whether a limited partnership, of which W. Burgess Boyd was a limited partner, incurred a loss in 1974, so that W. Burgess Boyd would be entitled to deduct his aliquot share. Whether the partnership incurred a loss in 1974 is dependent upon whether it is entitled to a deduction under sections 162 and 707 or 165, I.R.C. 1954,1 for certain payments made in 1974 to the general partners of the partnership.
FINDINGS OF FACT
Some of the facts…
2Cases cited22 opinions
- Welch v. HelveringSupreme Court of the United States · 1933
- Woodward v. CommissionerSupreme Court of the United States · 1970
- Commissioner v. Idaho Power Co.Supreme Court of the United States · 1974
- Richmond Television Corporation v. United StatesCourt of Appeals for the Fourth Circuit · 1965
- Frank v. CommissionerUnited States Tax Court · 1953
17 more not listed; retrieve them via the Exa API.
3Cited by37 opinions
- Siegel v. CommissionerUnited States Tax Court · 1982
- Surloff v. CommissionerUnited States Tax Court · 1983
- Thomas v. CommissionerUnited States Tax Court · 1985
- Wildman v. CommissionerUnited States Tax Court · 1982
- Tolwinsky v. CommissionerUnited States Tax Court · 1986
32 more not listed; retrieve them via the Exa API.