Cane Creek Sportsman's Club, Inc. - Page 2

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               All section references are to the Internal Revenue Code in             
          effect for the taxable year in issue, and all Rule references are           
          to the Tax Court Rules of Practice and Procedure, unless other-             
          wise indicated.                                                             
               Petitioner seeks to have its separate existence disregarded            
          and its realized gain on the 1993 sale of certain improved land             
          treated as income taxable to a partnership, because its                     
          incorporators believed that they had created a partnership, not a           
          corporation.  No issue has been raised as to respondent's                   
          determinations that petitioner's basis in the property was                  
          $56,697 and that the sale resulted in a taxable gain in the                 
          amount of $112,053.                                                         
               Some of the facts have been stipulated by the parties and              
          are so found.  The stipulation of facts filed by the parties and            
          the accompanying exhibits are incorporated herein by this                   
               Petitioner was incorporated under the laws of the State of             
          Alabama on January 20, 1971.  The corporate charter contained a             
          broad statement of purposes, including: To acquire lands; to                
          improve, develop, and manage real estate; to hold stock; to                 
          borrow or lend money; and to mortgage, sell, lease, or otherwise            
          dispose of any lands.  The charter also states that petitioner's            
          duration was perpetual.                                                     

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