Homer N. Cummings - Page 2

          Partial Summary Judgment Regarding The Overvaluation Penalty,               
          also filed pursuant to Rule 121(a).1                                        
               Respondent concedes petitioner's second motion for partial             
          summary judgment.  Accordingly, we need only address petitioner's           
          first motion for partial summary judgment.  As explained in                 
          greater detail below, we shall deny such motion.                            
          Background                                                                  
               During the taxable years 1983, 1984, and 1985, Homer N.                
          Cummings (petitioner) was a partner in December Associates, a               
          partnership subject to the unified partnership audit and                    
          litigation procedures set forth in sections 6221 through 6231.              
          Tax Equity and Fiscal Responsibility Act of 1982 (TEFRA), Pub. L.           
          97-248, sec. 402(a), 96 Stat. 324, 648.                                     
               Petitioner reported losses of $66,079, $123,071, and $14,647           
          on his 1983, 1984, and 1985 Federal income tax returns,                     
          respectively, reflecting his distributive share of the losses               
          claimed by December Associates for those years.  After reporting            
          an aggregate loss of $167,293 on his 1983 tax return, petitioner            
          carried his December Associates' loss for 1983 forward to his               
          1984 tax return.  Petitioner likewise carried a portion of his              
          December Associates loss for 1984 forward to his 1985 tax return.           
               Respondent subsequently issued separate notices of final               
          partnership administrative adjustment to December Associates for            

          1    Unless otherwise indicated, all Rule references are to the             
          Tax Court Rules of Practice and Procedure and all section                   
          references are to the Internal Revenue Code in effect for the               
          taxable years in issue.                                                     




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