Reinberg v. Commissioner
United States Tax Court
Ps are limited partners in W, an Ohio limited partnership organized to purchase and exploit the rights to a motion picture. Ps assert that W was the sole owner of the film and is entitled to full depreciation of the film rights. Held, W did not acquire a 100-percent ownership interest in the movie, but did acquire an interest in a joint venture with others to own, exploit, and participate in the profits from the film.
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Ps are limited partners in W, an Ohio limited partnership organized to purchase and exploit the rights to a motion picture. Ps assert that W was the sole owner of the film and is entitled to full depreciation of the film rights. Held, W did not acquire a 100-percent ownership interest in the movie, but did acquire an interest in a joint venture with others to own, exploit, and participate in the profits from the film. Held, further: Ps are limited to determining the film's depreciation under the income forecast method. Ps have not met their burden of proof with respect to the calculation of…
1Opinion of the Court
HAMBLEN, Judge:
In these consolidated cases, respondent determined deficiencies in petitioners’ Federal income taxes as follows:
Docket No. Petitioners2 TYE Dec. 31-Deficiency
29326-83 Reinberg 1978 $1,490.00
29997-83 Rosenberg 1976 7,568.00
1977 7,698.00
1978 2,772.00
31535-83 Pogue 1976 22,127.00
1977 22,438.00
1978 8,924.47
32938-83 Zilber 1976 6,808.06
1977 2,945.00
32940-83 Michel 1976 1,873.00
1977 3,709.00
33395-83 Kadish 1976 6,916.00
33396-83 Schur 1976 21,213.00
1977 18,846.00
33398-83 Allerton 1976 22,236.00
1977 22,808.00
33425-83 Steuer 1976 10,866.55
1977 11,879.63
33426-83 Margolis 1976 19,221.00
197…
2Cases cited46 opinions
- Welch v. HelveringSupreme Court of the United States · 1933
- Gregory v. HelveringSupreme Court of the United States · 1935
- Helvering v. CliffordSupreme Court of the United States · 1940
- Commissioner v. CulbertsonSupreme Court of the United States · 1949
- Commissioner v. TowerSupreme Court of the United States · 1946
41 more not listed; retrieve them via the Exa API.
3Cited by18 opinions
- Levy v. CommissionerUnited States Tax Court · 1988
- Hulter v. CommissionerUnited States Tax Court · 1988
- MANNING v. COMMISSIONERUnited States Tax Court · 1993
- FARNSWORTH v. COMMISSIONERUnited States Tax Court · 2002
- AMDAHL CORP. v. COMMISSIONERUnited States Tax Court · 1997
13 more not listed; retrieve them via the Exa API.