Gershkowitz v. Commissioner
United States Tax Court
Petitioners were limited partners in four limited partnerships which marketed computer programs for income tax preparation, estate planning, and financial planning. The partnerships purchased the programs with nonrecourse notes and received nonrecourse loans from various entities. The partnerships liquidated in 1977, at which time each partnership was insolvent.
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Petitioners were limited partners in four limited partnerships which marketed computer programs for income tax preparation, estate planning, and financial planning. The partnerships purchased the programs with nonrecourse notes and received nonrecourse loans from various entities. The partnerships liquidated in 1977, at which time each partnership was insolvent. All petitioners were solvent during 1977. The partnerships' loans were discharged by the lenders either by (1) forgiveness of indebtedness, or (2) conveyance of the security for the loan. The partnerships adopted amendments to the…
1Opinion of the Court
WRIGHT, Judge-.
Respondent determined deficiencies in petitioners’ 1977 Federal income taxes as follows:
Petitioner Deficiency
Herbert Gershkowitz. $8,888
Anthony D. Famighetti and Estate of Helen M. Famighetti, deceased. 8,158
Martin Greenberg and Thelma Greenberg. 1,669
Charles Druck and Roslyn Druck. 8,978
Wallace Kandell and Phyllis Kandell. 7,162
Ernest Malbin and Dorothy Malbin. 15,649
Raymond Tracht and Josephine Tracht. 16,637
Arthur A. Friedberg and Esther H. Friedberg_ 7,106
James V. Dowler, Jr., and Patricia Dowler. 28,542
The issues for consideration are (1) whether the cancellation of…
2Cases cited18 opinions
- Welch v. HelveringSupreme Court of the United States · 1933
- 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
- United States v. Kirby Lumber CoSupreme Court of the United States · 1931
- Commissioner v. JacobsonSupreme Court of the United States · 1949
13 more not listed; retrieve them via the Exa API.
3Cited by29 opinions
- Stephen Babin Betty Boehm Babin v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 1994
- Nelson v. CommissionerUnited States Tax Court · 1998
- Frazier v. CommissionerUnited States Tax Court · 1998
- Estate of Michael Newman, Deceased, Sidney Newman, and Alice Newman, and Alice Newman v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1991
- Gehl v. CommissionerUnited States Tax Court · 1994
24 more not listed; retrieve them via the Exa API.