Callahan v. Commissioner
United States Tax Court
Ps are limited partners who were required, if called upon by the general partners, to pay three times the amount of cash contributions. The limited partners had the discretion, by written notice, to elect out of the overcall provision. Ps argue, under Pritchett v. Commissioner,827 F.2d 644 (9th Cir. 1987), revg. and remanding 85 T.C. 580 (1985), that the limited partners are at risk for three times their capital contributions.
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Ps are limited partners who were required, if called upon by the general partners, to pay three times the amount of cash contributions. The limited partners had the discretion, by written notice, to elect out of the overcall provision. Ps argue, under Pritchett v. Commissioner,827 F.2d 644 (9th Cir. 1987), revg. and remanding 85 T.C. 580 (1985), that the limited partners are at risk for three times their capital contributions. R argues that the nature of Ps' contractual rights and obligations is distinguishable from that in Pritchett. R contends that Ps' obligation is contingent and illusory.…
1Opinion of the Court
John E. and Ellen G. Callahan, et al., 1 Petitioners v. Commissioner of Internal Revenue, Respondent
Callahan v. Commissioner
Docket Nos. 48374-86, 1380-87, 1390-87, 1471-87, 1855-87, 1904-87, 1927-87, 4227-87, 4598-87, 4607-87, 4736-87, 5116-87
United States Tax Court
98 T.C. 276; 1992 U.S. Tax Ct. LEXIS 26; 98 T.C. No. 22;
March 18, 1992, Filed
An appropriate order denying petitioners' motion for partial summary judgment and granting respondent's motion for partial summary judgment will be issued.
Ps are limited partners who were required, if called upon by the general partners, to pay three times…
2Cases cited16 opinions
- Jack E. Golsen and Sylvia H. Golsen v. Commissioner of Internal RevenueCourt of Appeals for the Tenth Circuit · 1971
- Naftel v. CommissionerUnited States Tax Court · 1985
- Jacklin v. CommissionerUnited States Tax Court · 1982
- Espinoza v. CommissionerUnited States Tax Court · 1982
- Shiosaki v. CommissionerUnited States Tax Court · 1974
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