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partnership is created if persons join together their money,
goods, labor, or skill to carry on a business and there is a
community of interest in the profits and losses. Commissioner v.
Tower, 327 U.S. 280, 286 (1946). Petitioners also point out that
a partnership may exist if there is joint activity, joint
ownership of bank accounts, the sharing of profit and loss, and
relinquishment or delegation of management duties to another
partner or coowner. Bussing v. Commissioner, 89 T.C. 1050, 1060-
1062 (1987); Burde v. Commissioner, 43 T.C. 252, 263, 266 (1964),
affd. 352 F.2d 995 (2d Cir. 1965); Brady v. Commissioner, 25 T.C.
682, 688 (1955). Petitioners also cite the Uniform Partnership
Act, which identifies three requirements necessary to establish a
partnership: (1) The active conduct of a business (2) for profit
(3) by two or more persons as coowners. Fla. Stat. Ann. sec.
620.585 (West 1993).
Petitioners' partnership theory misses the mark. First,
petitioner and decedent did not form a partnership under Florida
law because they did not coown the property used to produce
timber and turpentine and they made no agreement to share losses.
Second, decedent (and not a partnership) owned the property when
she transferred the undivided interests to petitioner. Third,
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