Fuchs v. Commissioner
United States Tax Court
Petitioner, a medical doctor, owned a 25-percent interest in a partnership which owned and managed a medical building. Disputes arose between the partners, and petitioner withdrew from the partnership, thus dissolving it, in 1969. Two years later, the medical building was condemned. Petitioner elected under sec. 1033(a), I.R.C. 1954, to defer recognition of his gain attributable to the condemnation of the building; however, no such election was filed by the partnership.
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Petitioner, a medical doctor, owned a 25-percent interest in a partnership which owned and managed a medical building. Disputes arose between the partners, and petitioner withdrew from the partnership, thus dissolving it, in 1969. Two years later, the medical building was condemned. Petitioner elected under sec. 1033(a), I.R.C. 1954, to defer recognition of his gain attributable to the condemnation of the building; however, no such election was filed by the partnership. Petitioner was treated as a partner on the partnership's 1971 return; and for the taxable years 1971 through 1974, he…
1Opinion of the Court
OPINION
Sterrett, Judge:
By notices of deficiency dated September 25, 1980, and November 25, 1980, respondent determined deficiencies in petitioners’ Federal income taxes as follows:
Year Deficiency
1971 . $7,518
1972 . 500
1973 . 260
1974 . 15,138
1975 . 6,231
1976 .
1977 . 3,117
After concessions, the sole issue remaining for our decision is whether, with respect to partnership property, the election under section 1033, I.R.C. 1954, may be made by a partner who has withdrawn from the partnership, or whether such election and replacement must be made by the partnership itself.
The facts in this case…
2Cases cited3 opinions
- McManus v. CommissionerUnited States Tax Court · 1975
- Demirjian v. CommissionerUnited States Tax Court · 1970
- Demirjian v. CommissionerCourt of Appeals for the Third Circuit · 1972
3Cited by6 opinions
- Harbor Cove Marina Ptnrs. P'ship v. Comm'rUnited States Tax Court · 2004
- Fensel v. United StatesDistrict Court, W.D. Pennsylvania · 1985
- Fuchs v. CommissionerUnited States Tax Court · 1983
- Harbor Cove Marina Partners Partnership, Robert A. Collins, A Partner Other Than The Tax Matters Partner v. CommissionerUnited States Tax Court · 2004
- Harbor Cove Marina Ptnrs. P'ship v. Comm'rUnited States Tax Court · 2004
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