Garnett v. Comm'r
United States Tax Court
Ps owned interests in L.L.P.s, L.L.C.s, and tenancies in common. On cross-motions for partial summary judgment, the parties request a ruling as to whether Ps' interests are subject to the rule of sec. 469(h)(2), I.R.C., which treats losses from an "interest in a limited partnership as a limited partner" as presumptively passive.
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Ps owned interests in L.L.P.s, L.L.C.s, and tenancies in common. On cross-motions for partial summary judgment, the parties request a ruling as to whether Ps' interests are subject to the rule of sec. 469(h)(2), I.R.C., which treats losses from an "interest in a limited partnership as a limited partner" as presumptively passive. Held: Because Ps did not hold their interests in the L.L.P.s or L.L.C.s as "limited partners", these interests are not subject to the rule of sec. 469(h)(2), I.R.C.Held, further, because Ps' interests in the tenancies in common are not interests in limited…
1Opinion of the Court
PAUL D. GARNETT AND ALICIA GARNETT, Petitioners v. COMMISSIONER OF INTERNAL REVENUE, Respondent
Garnett v. Comm'r
No. 9898-06
United States Tax Court
132 T.C. 368; 2009 U.S. Tax Ct. LEXIS 18; 132 T.C. No. 19;
June 30, 2009, Filed
The court granted petitioners' motion for partial summary judgment on certain issues.
Ps owned interests in L.L.P.s, L.L.C.s, and tenancies in common. On cross-motions for partial summary judgment, the parties request a ruling as to whether Ps' interests are subject to the rule of sec. 469(h)(2), I.R.C., which treats losses from an "interest in a limited partnership as a…
2Cases cited9 opinions
- Sundstrand Corporation v. Commissioner of Internal RevenueCourt of Appeals for the Seventh Circuit · 1994
- Sundstrand Corp. v. CommissionerUnited States Tax Court · 1992
- Sean P. McNamee v. Department of the Treasury, Internal Revenue Service, Docket No. 05-6151-CvCourt of Appeals for the Second Circuit · 2007
- Frank A. Littriello v. United States of America and United States Department of TreasuryCourt of Appeals for the Sixth Circuit · 2007
- Giles v. VetteSupreme Court of the United States · 1924
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