Ourisman v. Commissioner
United States Tax Court
P and D acquired a long-term ground lease of property which they intended to develop with an office building. They formed a partnership to develop such property, but to avoid local usury restrictions on loans to individuals, they formed a corporation to act as their agent in holding record title to the leasehold and improvements and in executing the construction and permanent borrowings.
Read the full summary
P and D acquired a long-term ground lease of property which they intended to develop with an office building. They formed a partnership to develop such property, but to avoid local usury restrictions on loans to individuals, they formed a corporation to act as their agent in holding record title to the leasehold and improvements and in executing the construction and permanent borrowings. After the permanent loan closing, the corporation reconveyed record title to the leasehold and building to the partnership. Held: Under the circumstances of this case, the partnership, and not the…
1Opinion of the Court
Simpson, Judge:
The Commissioner determined the following deficiencies in the petitioners’ Federal income taxes:
Year Deficiency
1970. $95,183.04
1971. 998,554.81
1972 . 49,729.12
The issues for decision are: (1) Whether the losses generated by the construction and operation of an office building are attributable to the partnership which constructed and operated such building or to a corporation which was created to act as an agent for such partnership for certain limited purposes; (2) if such losses are attributable to the corporation, whether its reconveyance to the partnership of record title of…
2Cases cited26 opinions
- Jack E. Golsen and Sylvia H. Golsen v. Commissioner of Internal RevenueCourt of Appeals for the Tenth Circuit · 1971
- Moline Properties, Inc. v. CommissionerSupreme Court of the United States · 1943
- National Carbide Corp. v. CommissionerSupreme Court of the United States · 1949
- Paymer v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1945
- Strong v. CommissionerUnited States Tax Court · 1976
21 more not listed; retrieve them via the Exa API.
3Cited by17 opinions
- Coleman v. CommissionerUnited States Tax Court · 1986
- Benjamin Raphan and Myrna Raphan v. The United StatesCourt of Appeals for the Federal Circuit · 1985
- Susan Gloger Moncrief and Peter L. Gloger, Independent Co-Executors of the Estate of Leroy J. Gloger and Reba K. Gloger v. United StatesCourt of Appeals for the Fifth Circuit · 1984
- Florenz R. Ourisman and Betty Joan Ourisman v. Commissioner of Internal RevenueCourt of Appeals for the Fourth Circuit · 1985
- Gary R. Frink, Sherry R. Frink v. Commissioner of Internal Revenue, (Two Cases) Gary R. Frink, Sherry R. Frink v. Commissioner of Internal RevenueCourt of Appeals for the Fourth Circuit · 1986
12 more not listed; retrieve them via the Exa API.