Roccaforte v. Commissioner
United States Tax Court
Investors formed a partnership to develop an apartment complex. A corporation was formed in order to avoid State usury laws relating to individuals and partnerships. The corporation held legal title to the property and thereby obtained construction and permanent financing for the project. Held: The partnership and not the corporation was the owner of the apartment complex for Federal tax purposes. As was common knowledge, the corporation acted as an agent of the partnership.
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Investors formed a partnership to develop an apartment complex. A corporation was formed in order to avoid State usury laws relating to individuals and partnerships. The corporation held legal title to the property and thereby obtained construction and permanent financing for the project. Held: The partnership and not the corporation was the owner of the apartment complex for Federal tax purposes. As was common knowledge, the corporation acted as an agent of the partnership. Held, further: Sec. 706(c)(2)(B), I.R.C. 1954, prohibits a retroactive reallocation of losses to the partners who are…
1Opinion of the Court
Sterrett, Judge:
By statutory notices dated April 9, 1979, respondent determined deficiencies in petitioners’ income taxes for the taxable years ended December 31, 1975, and December 31,1976, as follows:
Docket No. Petitioner Year Deficiency
6144-79 Joseph A. Roccaforte, Jr., and Sandra F. Roccaforte.1975 1976 $5,416.41 909.31
6145-79 Clarence M. Neher and Eileen B. Neher.1975 j 1976 21,155.13 1,014.47
6146-79 Robert E. Wales and Gwynne G. Wales.1975 1976 2,219.82 1,058.75
6147-79 Robert J. Zernott and Eleanor M. Zernott.1975 1976 2,907.10 1U40.27
6148-79 Carl L. Hancock and Alice D. Hancock.1975…
2Cases cited12 opinions
- Moline Properties, Inc. v. CommissionerSupreme Court of the United States · 1943
- Strong v. CommissionerUnited States Tax Court · 1976
- Bolger v. CommissionerUnited States Tax Court · 1973
- Harrison Property Management Co. v. United StatesUnited States Court of Claims · 1973
- Moore v. CommissionerUnited States Tax Court · 1978
7 more not listed; retrieve them via the Exa API.
3Cited by33 opinions
- Johnsen v. CommissionerUnited States Tax Court · 1984
- Byram v. United StatesCourt of Appeals for the Fifth Circuit · 1983
- Benjamin Raphan and Myrna Raphan v. The United StatesCourt of Appeals for the Federal Circuit · 1985
- Joseph A. Roccaforte, Jr. And Sandra F. Roccaforte, Cross-Appellants v. Commissioner of Internal Revenue, Cross-AppelleeCourt of Appeals for the Fifth Circuit · 1983
- Ourisman v. CommissionerUnited States Tax Court · 1984
28 more not listed; retrieve them via the Exa API.