- 11 -
settlement involves allowing investors to deduct theft losses
incurred as a result of their dealings with Hardin. Willner
receives no benefit from the settlement. On October 4, 1995,
Willner filed a Motion for Leave to File Notice of Election to
Participate in order to contend that he was not a partner in the
partnership that is the subject of this proceeding, and on
January 11, 1996, he filed his jurisdictional motion.
Discussion
"[M]ushrooming administrative problems experienced by the
Internal Revenue Service in auditing returns of partnerships,
particularly tax shelter partnerships with numerous partners",
led to the enactment of the TEFRA partnership proceedings in
1982. Boyd v. Commissioner, 101 T.C. 365, 368 (1993). The
purpose of the new procedures was to provide a method for
uniformly adjusting items of partnership income, loss, deduction,
or credit, without the necessity of separate proceedings for each
partner. Id. at 369; Maxwell v. Commissioner, 87 T.C. 783, 787
(1986). Willner here seeks to avoid the normal consequences of
our determination in this action, which would be an assessment
against him based on disallowance of all partnership losses
claimed by him on his 1986 return under the name and EIN of
Oceanic Leasing. See secs. 6225, 6229(d) and (e), 6231(a)(6);
Sente Inv. Club Partnership v. Commissioner, 95 T.C. 243, 248-249
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Next
Last modified: May 25, 2011