Tufts v. Commissioner
United States Tax Court
1. Ps, partners in a general partnership which owned an apartment complex, sold their partnership interests to a third party.
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1. Ps, partners in a general partnership which owned an apartment complex, sold their partnership interests to a third party. At the time of the sale, the complex had a fair market value of $ 1,400,000, but was subject to a nonrecourse mortgage of $ 1,851,500. Held, Ps must include in the amount realized upon the sale of their partnership interests the full amount of the nonrecourse liability. 2. Held, further, Ps are not entitled to an award of attorney's fees under the Civil Rights Attorney's Fees Awards Act of 1976.
1Opinion of the Court
Simpson, Judge:
The Commissioner determined the following deficiencies in the petitioners’ Federal income taxes:
Petitioner TYE Deficiency
John F. Tufts and Mary A. Tufts.12/31/72 $30,398.75
Clark, Inc. 7/31/73 12,729.68
William T. Steger and Ruth C. Steger.12/31/72 30,405.00
Robert C. Austin, Sr., and Birdie L. Austin.... 12/31/72 6,683.49
J. C. Pelt and Jewel Pelt.12/31/72 2,707.00
James E. Stephens and Eula F. Stephens.12/31/72 3,360.89
The Commissioner also determined, in the case of John F. Tufts and Mary A. Tufts, an addition to tax under section 6651(a) of the Internal Revenue Code of 19542 in…
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