Estate of Carberry v. Commissioner
United States Tax Court
Respondent determined a deficiency in which he disallowed a special allocation of partnership intangible drilling costs. Petitioners and respondent executed a Form 872-A extending the period of limitations.
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Respondent determined a deficiency in which he disallowed a special allocation of partnership intangible drilling costs. Petitioners and respondent executed a Form 872-A extending the period of limitations. Held: 1. The form was properly executed and is binding on both petitioners; 2. Respondent is not estopped from asserting the deficiency; 3. The special allocation did not have substantial economic effect and is not recognized pursuant to sec. 704(b)(2), I.R.C.; and 4. The increased interest rate applies since the phrase "without substantial economic effect" is the equivalent of "without…
1Opinion of the Court
Estate of Timothy F. Carberry, Deceased, Manufacturer's Hanover Trust Co., and Ella J. Brady, f.k.a. Ella J. Carberry, Executors, and Ella J. Brady, f.k.a. Ella J. Carberry, Petitioners v. Commissioner of Internal Revenue, Respondent
Estate of Carberry v. Commissioner
Docket No. 27350-88
United States Tax Court
95 T.C. 65; 1990 U.S. Tax Ct. LEXIS 67; 95 T.C. No. 5;
July 16, 1990, Filed
Decision will be entered for the respondent.
Respondent determined a deficiency in which he disallowed a special allocation of partnership intangible drilling costs. Petitioners and respondent executed a Form 872-A…
2Cases cited22 opinions
- Frieling v. CommissionerUnited States Tax Court · 1983
- Pierre Boulez v. Commissioner of Internal RevenueCourt of Appeals for the D.C. Circuit · 1987
- Ewing v. CommissionerUnited States Tax Court · 1988
- Boulez v. CommissionerUnited States Tax Court · 1981
- LaVerne v. CommissionerUnited States Tax Court · 1990
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