Estate of Boyd v. Commissioner
United States Tax Court
In 1974, Boyd subscribed for units in a limited partnership the purpose of which was to purchase and operate producing oil and gas properties.
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In 1974, Boyd subscribed for units in a limited partnership the purpose of which was to purchase and operate producing oil and gas properties. The subscriptions were closed and the partnership was formed on Dec. 31, 1974. The general partner was Patrick Oil & Gas Corp. An interest in a producing oil and gas property was sold to the partnership by the parent of Patrick Oil sometime in 1975. Pursuant to the partnership agreement, on Dec. 31, 1974, the partnership paid Patrick Oil $ 516,450, covering a contribution fee of 15 percent, a management fee of 8.5 percent, and an overhead fee of 6.5…
1Opinion of the Court
Estate of W. Burgess Boyd, Deceased, and Maxine A. Wesley (Formerly Maxine A. Boyd), Petitioners v. Commissioner of Internal Revenue, Respondent
Estate of Boyd v. Commissioner
Docket No. 8058-78
United States Tax Court
76 T.C. 646; 1981 U.S. Tax Ct. LEXIS 140;
April 23, 1981, Filed
Decision will be entered for the respondent.
In 1974, Boyd subscribed for units in a limited partnership the purpose of which was to purchase and operate producing oil and gas properties. The subscriptions were closed and the partnership was formed on Dec. 31, 1974. The general partner was Patrick Oil & Gas Corp. An…
2Cases cited23 opinions
- Welch v. HelveringSupreme Court of the United States · 1933
- Woodward v. CommissionerSupreme Court of the United States · 1970
- Commissioner v. Idaho Power Co.Supreme Court of the United States · 1974
- Richmond Television Corporation v. United StatesCourt of Appeals for the Fourth Circuit · 1965
- Frank v. CommissionerUnited States Tax Court · 1953
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