Phillips v. Commissioner
United States Tax Court
Ps contend that they avoided recapture of an investment credit claimed with respect to property of a partnership subject to secs. 6221 through 6231, I.R.C., as a result of filing an amended return revoking the credit subsequent to the disposition of the property.
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Ps contend that they avoided recapture of an investment credit claimed with respect to property of a partnership subject to secs. 6221 through 6231, I.R.C., as a result of filing an amended return revoking the credit subsequent to the disposition of the property. Held: The amended return was ineffective because it did not conform to the requirements of an administrative adjustment request under sec. 6227, I.R.C.Held, further, Ps were required to take into account their distributive share of the partnership investment credit, and conversion of their partnership items to nonpartnership items…
1Opinion of the Court
OPINION
Laro, Judge:
Michael W. and Charlotte S. Phillips petitioned the Court for redetermination of deficiencies determined by respondent for their 1984 and 1986 taxable years in the amounts of $25,471 and $69,714, respectively. After petitioners conceded the deficiency for 1984, the sole issue for decision is whether petitioners avoided recapture of an investment credit claimed for property of a partnership subject to sections 6221 through 62311 (the partnership provisions of the Tax Equity and Fiscal Responsibility Act of 1982 (tefra), Pub. L. 97-248, seó. 402(a), 96 Stat. 324, 648) as a…
2Cases cited15 opinions
- Maxwell v. CommissionerUnited States Tax Court · 1986
- Pacific National Co. v. WelchSupreme Court of the United States · 1938
- Computer Programs Lambda, Ltd. v. CommissionerUnited States Tax Court · 1987
- Burnet v. PorterSupreme Court of the United States · 1931
- Robert F. Koch and Evelyn C. Koch v. Donald C. Alexander, Commissioner of Internal RevenueCourt of Appeals for the Fourth Circuit · 1977
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