Goldfine v. Commissioner
United States Tax Court
G and B formed a joint venture to complete and operate an apartment complex. G contributed $ 100,000 cash and B contributed its $ 100,000 equity in the partially completed apartment complex. Under their joint venture agreement, G was allocated all depreciation deductions while B was allocated all the joint venture's operating cash flow and net income computed without depreciation.
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G and B formed a joint venture to complete and operate an apartment complex. G contributed $ 100,000 cash and B contributed its $ 100,000 equity in the partially completed apartment complex. Under their joint venture agreement, G was allocated all depreciation deductions while B was allocated all the joint venture's operating cash flow and net income computed without depreciation. G and B shared equally (1) any net losses computed without depreciation; (2) the net proceeds from refinanced loans on the joint venture property; and (3) any net proceeds from the sale of joint venture assets or…
1Opinion of the Court
Parker, Judge'.
Respondent determined deficiencies in petitioners’ 1972 and 1973 Federal income taxes in the respective amounts of $41,853.64 and $46,811.85. After concessions by both parties, the sole issue is whether the principal purpose of allocations in a joint venture agreement between petitioners and Blackard Construction Co. was the avoidance or evasion of taxes within the meaning of section 704(b).1
FINDINGS OF FACT
Some of the facts have been stipulated and are so found. The stipulation of facts and the exhibits attached thereto are incorporated herein by this reference.
Petitioners are…
2Cases cited13 opinions
- Smith v. Metropolitan Sanitary District of Greater ChicagoIllinois Supreme Court · 1979
- Park Cities Corp. v. ByrdTexas Supreme Court · 1976
- Orrisch v. CommissionerUnited States Tax Court · 1970
- Harris v. CommissionerUnited States Tax Court · 1974
- Joe T. Boynton and Helen J. Boynton v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1981
8 more not listed; retrieve them via the Exa API.
3Cited by29 opinions
- Elrod v. CommissionerUnited States Tax Court · 1986
- Cirelli v. CommissionerUnited States Tax Court · 1984
- Vecchio v. CommissionerUnited States Tax Court · 1994
- Mary K.S. Ogden v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1986
- Estate of Carberry v. CommissionerCourt of Appeals for the Second Circuit · 1991
24 more not listed; retrieve them via the Exa API.