Taxpayer's Claim That Defective Caption Resulted in Lack of Notice Was Rejected
Article Abstract:
The Court ruled that a partner with less than 1 percent interest in the partnership was not entitled to notice and that a defective caption by the Internal Revenue Service in a notification but with the correct employer's identification number could not be used to thwart a tax deficiency assessment.
Publication Name: Journal of Partnership Taxation
Subject: Business
ISSN: 0749-4513
Year: 1997
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Tax Court Has Jurisdiction Over Petition File By Indirect 5 Percent Partners
Article Abstract:
The court ruled that in a case where a bankruptcy filing cut off the link of notice between the partnership and indirect partners, the court can exercise jurisdiction over their petitions since there is no requirement of notice in respect of partners with less than 5% interest.
Publication Name: Journal of Partnership Taxation
Subject: Business
ISSN: 0749-4513
Year: 1997
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Framily's Practice of Purchasing Lottery Tickets Held to be a Partnership
Article Abstract:
The Court held that under Section 761(a)'s broad definition of a partnership that a family's practice of buying a lottery ticket was recognized as a partnership and their subsequent written partnership agreement did not effect a taxable gift to their children.
Publication Name: Journal of Partnership Taxation
Subject: Business
ISSN: 0749-4513
Year: 1997
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