Boynton v. Commissioner
United States Tax Court
T and P entered into an equal partnership agreement. As amended, the agreement continued to provide that profits were to be divided equally and losses were to be borne equally; however, it provided further that for purposes of Federal income tax returns 100 percent of the losses were to be allocated to T as his "distributive share." Held, T is entitled to deduct only one-half of the partnership's 1974 losses.
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T and P entered into an equal partnership agreement. As amended, the agreement continued to provide that profits were to be divided equally and losses were to be borne equally; however, it provided further that for purposes of Federal income tax returns 100 percent of the losses were to be allocated to T as his "distributive share." Held, T is entitled to deduct only one-half of the partnership's 1974 losses. Kresser v. Commissioner, 54 T.C. 1621 (1970), and Holladay v. Commissioner, 72 T.C. 571 (1979), followed.
1Opinion of the Court
Raum, Judge:
The Commissioner determined deficiencies in petitioners’ Federal income taxes as follows:
Year Deficiency Year Deficiency
1971 . $32,917 1973 . $505
1972 . 1,567 1974 . 168,498
After concessions, the sole issue for decision is whether petitioner is entitled to deduct as his distributive share of partnership losses all of the losses incurred by the Palm Beach Ranch Groves partnership in the year 1974.
FINDINGS OF FACT
Some of the facts have been stipulated. The stipulation of facts and exhibits thereto are incorporated herein by this reference.
Petitioners Joe T. Boynton and Helen J.…
2Cases cited6 opinions
- United States v. S. S. White Dental Manufacturing Co.Supreme Court of the United States · 1927
- Kresser v. CommissionerUnited States Tax Court · 1970
- Holladay v. CommissionerUnited States Tax Court · 1979
- Frank E. Sellers, Transferee of the Assets of Norpaco Builders, Inc., Transferor v. Commissioner of Internal RevenueCourt of Appeals for the Fourth Circuit · 1979
- Harrell v. CommissionerUnited States Tax Court · 1978
1 more not listed; retrieve them via the Exa API.
3Cited by22 opinions
- Davis v. CommissionerUnited States Tax Court · 1980
- Joe T. Boynton and Helen J. Boynton v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1981
- Goldfine v. CommissionerUnited States Tax Court · 1983
- Marriott v. CommissionerUnited States Tax Court · 1980
- Frazier v. CommissionerUnited States Tax Court · 1998
17 more not listed; retrieve them via the Exa API.