Ginsburg v. Comm'r
United States Tax Court
A TEFRA partnership claimed losses from an investment. See Tax Equity and Fiscal Responsibility Act of 1982 (TEFRA), Pub. L. 97-248, secs. 402-407(a), 96 Stat. 648. Ps reported the losses as shareholders of their two wholly owned S corporations, each of which owned a 50-percent interest in the partnership. R examined the Federal tax return of the partnership. Subsequently, R sent a letter to the representative for the partnership stating that R accepted the return as filed.
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A TEFRA partnership claimed losses from an investment. See Tax Equity and Fiscal Responsibility Act of 1982 (TEFRA), Pub. L. 97-248, secs. 402-407(a), 96 Stat. 648. Ps reported the losses as shareholders of their two wholly owned S corporations, each of which owned a 50-percent interest in the partnership. R examined the Federal tax return of the partnership. Subsequently, R sent a letter to the representative for the partnership stating that R accepted the return as filed. The partnership and R executed six consecutive Forms 872-P, Consent to Extend the Time to Assess Tax Attributable to…
1Opinion of the Court
OPINION
Goeke, Judge:
This case is before us on petitioners’ motions to dismiss for lack of jurisdiction and for summary judgment. The issue raised by petitioners’ motion to dismiss is whether respondent’s notice of deficiency properly adjusted losses attributable to a partnership at the partner level pursuant to the TEFRA provisions of sections 6221-6234.1 Specifically, the inquiry centers on whether these losses should be classified as “partnership items” or as “affected items” under the applicable statutes. We hold that the adjustments in the notice of deficiency limiting petitioners’…
2Cases cited21 opinions
- Badaracco v. CommissionerSupreme Court of the United States · 1984
- Weinberger v. Hynson, Westcott & Dunning, Inc.Supreme Court of the United States · 1973
- Maxwell v. CommissionerUnited States Tax Court · 1986
- Jarvis v. CommissionerUnited States Tax Court · 1982
- Rhone-Poulenc Surfactants & Specialties, L.P. v. CommissionerUnited States Tax Court · 2000
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- Prati v. United StatesUnited States Court of Federal Claims · 2008
- Petaluma FX Partners, LLC v. Comm'rUnited States Tax Court · 2010
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