Kenna Trading, LLC v. Comm'r
United States Tax Court
Brazilian retailers purportedly contributed distressed consumer receivables to a limited liability company, S, treated as a partnership for Federal income tax purposes. S claims carryover bases in these receivables under I.R.C. sec. 723. In 2004 S in turn contributed some of these Brazilian receivables to trading companies and contributed its interest in each trading company to a holding company.
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Brazilian retailers purportedly contributed distressed consumer receivables to a limited liability company, S, treated as a partnership for Federal income tax purposes. S claims carryover bases in these receivables under I.R.C. sec. 723. In 2004 S in turn contributed some of these Brazilian receivables to trading companies and contributed its interest in each trading company to a holding company. S claimed a cost of goods sold for each holding company equal to the basis of the receivables contributed. S then sold an interest in each holding company to an investor. The trading companies…
1Opinion of the Court
KENNA TRADING, LLC, JETSTREAM BUSINESS LIMITED, TAX MATTERS PARTNER, ET AL., Petitioners1 v. COMMISSIONER OF INTERNAL REVENUE, Respondent
Kenna Trading, LLC v. Comm'r
Docket Nos. 7551-08, 7552-08, 7553-08, 7554-08, 7555-08, 7556-08, 7618-08, 7625-08, 9021-08, 9035-08, 9036-08, 9037-08, 9038-08, 9039-08, 9040-08, 9041-08, 9042-08, 9121-08, 9122-08, 9123-08, 9124-08, 9125-08, 9126-08, 9127-08, 9128-08, 14094-08, 16796-08, 19924-08, 19925-08, 13980-09, 13981-09, 13982-09, 13983-09, 27636-09, 30586-09, 671-10.
United States Tax Court
143 T.C. 322; 2014 U.S. Tax Ct. LEXIS 51; 143 T.C. No. 18;
October…
2Cases cited44 opinions
- Cohan v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1930
- Gregory v. HelveringSupreme Court of the United States · 1935
- HIGBEE v. COMMISSIONER OF INTERNAL REVENUEUnited States Tax Court · 2001
- Commissioner v. Court Holding Co.Supreme Court of the United States · 1945
- Indopco, Inc. v. CommissionerSupreme Court of the United States · 1992
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