Chase v. Commissioner
United States Tax Court
In substance, the partnership in which petitioners were partners, disposed of the entire interest in an apartment building.
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In substance, the partnership in which petitioners were partners, disposed of the entire interest in an apartment building. Held, this disposition by the partnership did not involve an exchange of like-kind property under sec. 1031. Held, further, petitioners are not entitled to elect installment sale treatment under sec. 453. Held, further, petitioner Delwin Chase failed to liquidate his entire interest in a partnership and is not entitled to capital loss treatment under sec. 731(a). Held, further, only petitioner Gail Chase has satisfied the requirements of sec. 731(a).
1Opinion of the Court
Fay, Judge:
Respondent determined a deficiency in petitioners’ Federal income tax for the 1980 taxable year in the amount of $1,074,874. After concessions, the following issues are presented for decision:(1) Did petitioners satisfy section 10311 on the disposition of the John Muir Apartments?(2) Are petitioners entitled to a short-term capital loss of $783,762, under section 731(a)(2), with respect to the receipt of $929,582 in complete liquidation of a limited partnership interest held by both petitioners?
We hold that, applying the substance over form doctrine, the John Muir Investors, a…
2Cases cited11 opinions
- Commissioner v. Court Holding Co.Supreme Court of the United States · 1945
- Higgins v. SmithSupreme Court of the United States · 1940
- United States v. Cumberland Public Service Co.Supreme Court of the United States · 1950
- Joseph R. Bolker v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1985
- Markwardt v. CommissionerUnited States Tax Court · 1975
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3Cited by8 opinions
- SMALLEY v. COMMISSIONER OF INTERNAL REVENUEUnited States Tax Court · 2001
- Kaplan v. Director, Division of TaxationNew Jersey Tax Court · 2008
- Chase v. CommissionerUnited States Tax Court · 1989
- D. G. Smalley and Nell R. Smalley v. CommissionerUnited States Tax Court · 2001
- Eli Sasson v. William Lipsky and Sharon Lipsky, Texas Court of Appeals, 14th District (Houston)2023
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