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year in issue. All Rule references are to the Tax Court Rules of
Practice and Procedure.
After concessions by both parties, the sole remaining issue
for decision is whether certain Texas "rollback" taxes in the
amount of $364,576.70 and attorney's fees in the amount of $2,500
comprising a portion of the "Other deductions" on the Schedule K
attached to SLR's return may be applied in reduction of the
amount realized on the disposition of real property, as asserted
by J. Steve Anderson III (petitioner or Anderson), or were
properly reclassified as deductions related to so-called
portfolio income, see section 469(e)(1)(A)(i)(II); and section
1.469-2T(c)(3)(i), Temporary Income Tax Regs., 53 Fed. Reg. 5716
(Feb. 25, 1988), as determined by respondent.
This case was submitted on a full stipulation of facts, and
the facts as stipulated are so found. This reference
incorporates herein the stipulation of facts and attached
exhibits. SLR is a limited partnership, with its principal place
of business located at 5809 NW Grand Boulevard, Suite C, Oklahoma
City, Oklahoma, at the time the petition was filed.
Background
For its taxable year 1990, SLR was subject to the unified
audit procedures of the Tax Equity and Fiscal Responsibility Act
of 1982, Pub. L. 97-248, sec. 402(a), 96 Stat. 648-667, codified
at sections 6221 through 6233. Anderson is its only general
partner; he holds a 50.5 percent interest in SLR. Anderson is
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