Leahy v. Commissioner
United States Tax Court
P is claiming depreciation and investment tax credit in connection with a movie through his interest as a limited partner. P contends that the partnership purchased the ownership interest in a motion picture photoplay and R argues that the partnership did not have any ownership interest which would enable limited partners to receive tax benefits.
Read the full summary
P is claiming depreciation and investment tax credit in connection with a movie through his interest as a limited partner. P contends that the partnership purchased the ownership interest in a motion picture photoplay and R argues that the partnership did not have any ownership interest which would enable limited partners to receive tax benefits. In a fully stipulated case where the parties agreed upon the facts and issues to be presented, R raised a new position or issue for the first time in his opening brief. Held, the partnership did not acquire a 100-percent ownership interest in the…
1Opinion of the Court
GERBER, Judge:
Respondent determined deficiencies in petitioners’ Federal income taxes for the taxable years 1978 and 1980 of $177,974 and $36,564, respectively. Respondent also determined additions to tax under section 6653(a)1 for the taxable years 1978 and 1980 in the amounts of $11,736 and $6,906, respectively. With respect to the taxable year 1980, respondent determined an addition to tax under section 6651(a) in the amount of $5,469. The parties have filed a stipulation of settled issues which purports to resolve all but one adjustment common to both the 1978 and 1980 taxable years in…
2Cases cited29 opinions
- Welch v. HelveringSupreme Court of the United States · 1933
- Gregory v. HelveringSupreme Court of the United States · 1935
- Frank Lyon Co. v. United StatesSupreme Court of the United States · 1978
- Commissioner v. BrownSupreme Court of the United States · 1965
- Estate of Charles T. Franklin, Deceased v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1976
24 more not listed; retrieve them via the Exa API.
3Cited by96 opinions
- Rose v. CommissionerUnited States Tax Court · 1987
- Zirker v. CommissionerUnited States Tax Court · 1986
- Taube v. CommissionerUnited States Tax Court · 1987
- Stephen A. Mahoney, Iii, and Mary Ann Mahoney v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 1987
- Pagel, Inc. v. CommissionerUnited States Tax Court · 1988
91 more not listed; retrieve them via the Exa API.