O'Brien v. Commissioner
United States Tax Court
Petitioner was a member of a partnership or joint venture which acquired real estate by giving nonrecourse notes. In 1976, petitioner abandoned his interest in the partnership and claimed an ordinary loss of $ 14,865.30 on the abandonment. Held, under the provisions of secs. 752(b), 731(a)(2), and 741, I.R.C. 1954, petitioner's loss on the abandonment of his partnership interest was deductible as a capital loss and not as an ordinary loss.
1Opinion of the Court
Featherston, Judge:
Respondent determined a deficiency in the amount of $10,447.92 in petitioners’ Federal income tax for 1976. The sole issue for decision is whether the loss on petitioner Neil J. O’Brien’s withdrawal from a partnership was a capital or ordinary loss.
FINDINGS OF FACT
Petitioners Neil J. O’Brien (petitioner) and Patricia M. O’Brien, husband and wife, were legal residents of Dallas County, Tex., when they filed their petition. They timely filed a joint Federal income tax return for 1976.
On March 1, 1973, petitioner and others formed a joint venture known as the South Arlington…
2Cases cited8 opinions
- Audrey L. Zeeman, Individually and as of the Estate of Leon S. Lees, Jr. v. United StatesCourt of Appeals for the Second Circuit · 1968
- Freeland v. CommissionerUnited States Tax Court · 1980
- Stilwell v. CommissionerUnited States Tax Court · 1966
- Zeeman v. United StatesDistrict Court, S.D. New York · 1967
- Tufts v. CommissionerUnited States Tax Court · 1978
3 more not listed; retrieve them via the Exa API.
3Cited by18 opinions
- Smith v. CommissionerUnited States Tax Court · 1985
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- Citron v. CommissionerUnited States Tax Court · 1991
- Long v. CommissionerUnited States Tax Court · 1981
- Matthew R. White and Jill White v. Commissioner of Internal RevenueCourt of Appeals for the Tenth Circuit · 1993
13 more not listed; retrieve them via the Exa API.