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(a) The notice of deficiency at issue herein
asserts additions to tax arising from the loss claimed
by petitioner and Frank Kline as their distributive
share of the partnership loss reported by American
Indian Venture Capital Partnership for the taxable
year 1983.
(b) Petitioner and Frank Kline claimed a loss from
American Indian Venture Capital on their 1983 return
and carried forward a net operating loss based on the
1983 partnership loss to their 1984 return.
(c) The net operating loss claimed by petitioner
and Frank Kline on their 1984 return is an affected
item as defined by 6231(a)(5), arising from the
partnership loss reported by American Indian Venture
Capital Partnership for the taxable year 1983. Maxwell
v. Commissioner, 87 T.C. 783, 790 (1986).
(d) The notice of deficiency at issue herein
asserts additions to the tax for the taxable year 1984
arising from the partnership loss carried forward by
petitioner and Frank Kline from 1983 to 1984.
(e) These additions to tax asserted by respondent
are also affected items as defined in I.R.C. 6231(a)(5)
and Treas. Reg. 301.6231(a)(5) - 1(d) arising from the
partnership loss claimed by American Indian Venture
Capital for the taxable year 1983.
(f) Pursuant to I.R.C. 6501(o)(2) and 6229(g), the
applicable period of limitations for the assessment of
additions to tax arising from partnership items is
provided by I.R.C. 6229.
(g) American Indian Venture Partnership filed its
1983 partnership return of income on April 15, 1984.
(h) A notice of partnership administrative
adjustment setting forth respondent's determination of
the adjustments to partnership items for American
Indian Venture Capital for the taxable year 1983 was
mailed to each partner on March 16, 1987, which date
was prior to the expiration of the three-year period
for assessment and collection under I.R.C. 6229(a).
(i) A timely petition contesting the partnership
adjustments was filed on June 12, 1987.
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