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results from petitioner's petition under section 62261 for
readjustment of the partnership items set forth in the FPAA. The
issues for decision are:
1. Whether the presumption of correctness attaches to the
determinations in respondent's FPAA. We hold it does.
2. Whether section 170 entitles Arbor to a charitable
contribution deduction of $1.6 million in 1993. We hold it does
not.
FINDINGS OF FACT
Some of the facts have been stipulated and are so found.
The stipulations and attached exhibits are incorporated herein by
this reference. Arbor had its principal place of business in New
York, New York, when the petition was filed.
Arbor was a New Jersey limited partnership during 1992 and
1993, and James B. Mintzer (Mintzer) was Arbor's general partner
and tax matters partner. Mintzer had a longstanding business
relationship with attorney Frederick Gordon (Gordon), who served
as the general partner of Wolverine Towers Associates (Wolverine)
from 1972 until its dissolution in 1997.
In 1974, Wolverine owned a plot of land (the land) located
at 3001 S. State Street in Ann Arbor, Michigan. In order to
1Unless otherwise indicated, all section references are to
the Internal Revenue Code in effect for the year in issue. Rule
references are to the Tax Court Rules of Practice and Procedure,
unless otherwise indicated.
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