Recent cases and rulings

Article Abstract:

Several important cases and rulings involving partnership interests are discussed. The cases are the treatment of loss in withdrawal from partnership interest, the power of a general partner in prolonging tax assessment periods, the non-inclusion of gifts of limited partnership interests in an estate, the non-corporate status of partnerships whose securities are not traded and the obligation to report the nomination of partnership interests.

---

Recent cases and rulings

Article Abstract:

The Tax Court rejected a taxpayer's arguments that he was at risk with respect to partnership debt obligations since efforts have been made to guarantee that there was no realistic possibility that the taxpayer would eventually be liable to make payments. In another case, the court ruled that the transfer of the limited partnership interests to a partner's trust by reason of one partner's death did not lead to a credit recapture.

---

Tax Court Lacked Jurisdiction in Affected Items Proceeding to Redetermine Deficiencies Resulting From Partnership Adjustments

Article Abstract:

Despite the IRS' failure to issue a notice of deficiency to the partners for the partnership items prior to assessment thereof, the court held notice on the partnership-level proceeding was sufficient to bind the partners.

United States, Laws, regulations and rules, Notice (Law), United States. Internal Revenue Service

Similar abstracts:

• Abstracts: Order form and information in securities markets. Time and the process of security price adjustment
• Abstracts: Maintaining professional standards. The RSB system: effective, economic, efficient. Help for members in the recession
• Abstracts: Living in interesting times. Keeping the membership happy. Should the Institute be restructured?
• Abstracts: High-tech election, high-content voters. Waking up to the interactive 1990s. Three cheers for Alex Krol
• Abstracts: Company cars cruising through Budget. Ringing the alarm on soaring car crime. Seeing green

This website is not affiliated with document authors or copyright owners. This page is provided for informational purposes only. Unintentional errors are possible.