Atlantic Veneer Corp. v. Commissioner
United States Tax Court
Petitioner purchased a limited partnership interest in a German partnership, effective Jan. 1, 1973. The German partnership stepped up the basis of its assets, as required by German law, to take into account the amount by which the petitioner's purchase price exceeded the adjusted basis of its allocable share of the German partnership's assets.
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Petitioner purchased a limited partnership interest in a German partnership, effective Jan. 1, 1973. The German partnership stepped up the basis of its assets, as required by German law, to take into account the amount by which the petitioner's purchase price exceeded the adjusted basis of its allocable share of the German partnership's assets. In its June 30, 1974, fiscal year U.S. tax return, petitioner reported its distributive share of income of the German partnership for calendar year 1973, which was computed by using the stepped-up basis for purposes of depreciation. To that return,…
1Opinion of the Court
Tannenwald, Judge'.
Respondent determined the following deficiencies in petitioner’s Federal income taxes:
Taxable year Deficiency
1976 . $102,784.30
1977 . 115,452.54
1978 . 145,469.77
The sole issue for decision is whether a valid election was filed pursuant to section 7541, thus permitting petitioner to benefit from an adjustment to the basis of partnership property under section 743(b).2
FINDINGS OF FACT
Some of the facts have been stipulated and are so found. This reference incorporates the stipulation of facts and attached exhibits.
Petitioner, a North Carolina corporation, had its principal…
2Cases cited12 opinions
- Commissioner v. Lane-Wells Co.Supreme Court of the United States · 1944
- Knight-Ridder Newspapers, Inc. v. United StatesCourt of Appeals for the Eleventh Circuit · 1984
- Pesch v. CommissionerUnited States Tax Court · 1982
- Tipps v. CommissionerUnited States Tax Court · 1980
- Valdes v. CommissionerUnited States Tax Court · 1973
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3Cited by33 opinions
- 508 Clinton St. Corp. v. CommissionerUnited States Tax Court · 1987
- Hewitt v. Comm'rUnited States Tax Court · 1997
- Hamilton Industries, Inc. v. CommissionerUnited States Tax Court · 1991
- Atlantic Veneer Corporation v. Commissioner of Internal RevenueCourt of Appeals for the Fourth Circuit · 1987
- McDonald v. CommissionerUnited States Tax Court · 1987
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