- 6 -
Petitioner [sic] respectfully submits that this
Court's prior holding that the consent encompass'
B.D.B. is in error. Petitioners contend that the
872-A executed by it [sic] specifically limits
the scope of any adjustments to Petitioners'
income to those adjustments resulting only from
modifications to any interest that Petitioner may
have in Thunderbird Associates, Ltd. Petitioners
do not own an interest in Thunderbird Associates,
Ltd. but rather, Denis Brody was a partner in
B.D.B. Properties, a New York general partner-
ship. B.D.B. Properties owned an interest in
Thunderbird Associates, Ltd., a Texas Limited
Partnership. B.D.B. Properties, on or about
April 15, 1979 filed a form 1065 for the year
1978, including its share of Thunderbirds' net
taxable loss in its return. The Petitioners in
their 1978 Income Tax Return Form 1040 included
their share of B.D.B.'s net taxable loss in their
Tax Return. * * *
The 872-A executed by Petitioners and Respondent
clearly limits any adjustments to Petitioner's
[sic] income only as a result of an adjustment to
Thunderbird Associates, Ltd. Since Petitioners
are not a partner in Thunderbird, an adjustment
to Thunderbirds' income in 1978 has no effect
[sic] on Petitioner's taxable income 1978
notifications and adjustments would have to just
be made to the return of B.D.B. However, since
the 872-A did not also extend the Statute of
Limitations with respect to B.D.B., the Internal
Revenue Service is barred from making the instant
assessment which purports to adjust Petitioner's
[sic] income as a result of an adjustment to
B.D.B.'s income for 1978.
* * * * * * *
Since the Petitioners were not Partners in
Thunderbird Associates, Ltd., and since no
special consent was utilized to extend the
Statute of Limitations on behalf of the BDB
Partnership, no flow-through may occur.
* * * * * * *
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 Next
Last modified: May 25, 2011