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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