Smith v. Commissioner
United States Tax Court
Petitioner and a partnership of which he was a partner executed an "Assumption of Liability," by which petitioner purported to assume the obligation to pay principal and interest on a nonrecourse note executed by the partnership and secured by a deed of trust on property of the partnership.
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Petitioner and a partnership of which he was a partner executed an "Assumption of Liability," by which petitioner purported to assume the obligation to pay principal and interest on a nonrecourse note executed by the partnership and secured by a deed of trust on property of the partnership. Thereafter, the partners exchanged their partnership interests for shares in a corporation in an exchange qualifying under sec. 351, I.R.C. 1954, the corporation assuming the partnership obligation to which the note was subordinated. Held: 1. Payments made by petitioner after the incorporation transaction,…
1Opinion of the Court
George F. Smith, Jr., Petitioner v. Commissioner of Internal Revenue, Respondent
Smith v. Commissioner
Docket No. 26787-82
United States Tax Court
84 T.C. 889; 1985 U.S. Tax Ct. LEXIS 77; 84 T.C. No. 58;
May 20, 1985. May 20, 1985, Filed
Decision will be entered under Rule 155.
Petitioner and a partnership of which he was a partner executed an "Assumption of Liability," by which petitioner purported to assume the obligation to pay principal and interest on a nonrecourse note executed by the partnership and secured by a deed of trust on property of the partnership. Thereafter, the partners exchanged…
2Cases cited42 opinions
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- Commissioner v. TuftsSupreme Court of the United States · 1983
- Southern Pacific Transp. Co. v. CommissionerUnited States Tax Court · 1980
- Dean v. CommissionerUnited States Tax Court · 1984
- Hynes v. CommissionerUnited States Tax Court · 1980
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