Hoyt and Sons Ranch Properties, Ltd., A Nevada Limited Partnership, Walter J. Hoyt, III, Tax Matters Partner - Page 9

                                        - 9 -                                         
          is sufficiently qualified by the inclusion of the phrase "to the            
          extent necessary" that it is reasonable to view the order as                
          nothing more than the bankruptcy court's attempt to accommodate             
          petitioner.  From either perspective, the bankruptcy court's                
          order does not affect our analysis.                                         
               Petitioner further contends that we should conclude that the           
          automatic stay was in effect in this case until the issuance of             
          the bankruptcy court's order on June 18, 1997, by virtue of an              
          argument raised by counsel for the Government during the                    
          bankruptcy proceedings that the partnership should be treated as            
          petitioner's alter ego.  We disagree.  Notwithstanding that such            
          an argument was raised in the bankruptcy court, the record does             
          not indicate that petitioner ever filed a petition in bankruptcy,           
          nor was he ever named as a debtor in a bankruptcy proceeding.               
          Moreover, even if petitioner were named as debtor in a bankruptcy           
          proceeding, such event would require the partnership to appoint a           
          replacement TMP and would not serve to extend the period for                
          filing a timely petition for readjustment with the Court.  See              
          Tempest Associates, Ltd. v. Commissioner, 94 T.C. 794, 801-802              
          (1990).                                                                     
               Consistent with the foregoing, we shall grant respondent's             
          motion to dismiss insofar as the taxable year 1992 is concerned.            









Page:  Previous  1  2  3  4  5  6  7  8  9  10  Next

Last modified: May 25, 2011