Ogden v. Commissioner
United States Tax Court
L, a Louisiana partnership in commendam (equivalent to a limited partnership) was formed in 1977 to make secured loans on, acquire, own, sell, and manage real estate. New partners in commendam (equivalent to limited partners) were admitted to L in July, November, and December 1978. P became a partner in commendam in November, acquiring a 2-percent interest in the partnership.
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L, a Louisiana partnership in commendam (equivalent to a limited partnership) was formed in 1977 to make secured loans on, acquire, own, sell, and manage real estate. New partners in commendam (equivalent to limited partners) were admitted to L in July, November, and December 1978. P became a partner in commendam in November, acquiring a 2-percent interest in the partnership. Under its partnership agreement, L's 1978 year was divided into four periods of unequal length, with each period beginning and ending on the admission of new partners. To account for the partners' varying interests in…
1Opinion of the Court
OPINION
Simpson, Judge:
The Commissioner determined a deficiency of $26,814.54 in the petitioner’s Federal income tax for 1978. The issues for decision are: (1) Whether a special allocation to the petitioner under a partnership agreement had substantial economic effect within the meaning of section 704(b)(2) of the Internal Revenue Code of 19541; and (2) if such special allocation lacked substantial economic effect, what was the petitioner’s interest in the partnership, within the meaning of section 704(b), for purposes of redetermining her distributive share of loss from the partnership.
All of…
2Cases cited9 opinions
- Johnsen v. CommissionerUnited States Tax Court · 1984
- 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
- Goldfine v. CommissionerUnited States Tax Court · 1983
4 more not listed; retrieve them via the Exa API.
3Cited by13 opinions
- Elrod v. CommissionerUnited States Tax Court · 1986
- 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. CommissionerUnited States Tax Court · 1990
- Young v. CommissionerUnited States Tax Court · 1987
8 more not listed; retrieve them via the Exa API.