Janet Kline - Page 3

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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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