Holiday Village Shopping Center, Etc. v. The United States

FRIEDMAN, Circuit Judge.

This is an appeal from a judgment of the United States Claims Court 5 Cl.Ct. 566, dismissing the appellant’s complaint for a tax refund. The appellant corporation had a 99 percent interest as a limited partner in a partnership that held real property on which it took accelerated depreciation that exceeded the straight line amount. As a result, the partnership had operating losses, which the corporation (as a partner) used to reduce its income in determining its federal income tax. The corporation was completely liquidated and distributed all its assets to its…