- 432 -
The Court agrees with Kanter on this issue. The Kanters'
1977 tax year was the subject of docket No. 12282-82 before this
Court, in which a stipulated decision was entered on March 12,
1991. That decision was based upon a Stipulation of Settled
Issues which was filed with the Court. The Stipulation of
Settled Issues provided as follows:
Solely for the purpose of narrowing the issues in
[docket no. 12282-82], the Petitioner * * * and the
Respondent have settled issues relating to the
Petitioner's direct or indirect investment in one or
more of the following partnerships, namely, Ambassador
Associates, Empire Properties, Shelburne Associates,
Whitehall Associates, Balmoral Associates, Drake
Associates, FF Associates, Park Lane Associates and
Warwick Associates on the following basis to the extent
applicable to the year(s) before the Court in this
case:
1. Except as provided in this agreement, no item
of income, gain, loss, deduction or credit arising from
the Petitioner's interest in the partnership, shall be
realized and recognized in any taxable year. It is
understood by the parties that this agreement does not
apply to items of income, gain, loss, deduction or
credit from Empire Properties' investment in NST
Investors.
2. The Petitioner's total cash investment
actually or constructively paid shall be allowable as
an ordinary deduction in three equal parts over three
successive years starting with the initial year for
which the Petitioner first claimed a partnership
deduction, provided that the Petitioner includes in
income any cash constructively received with respect to
such contribution in the year of such constructive
receipt.
3. All partnership distributions from the
partnership to the Petitioner shall be includable as
ordinary income in the year of receipt.
Page: Previous 422 423 424 425 426 427 428 429 430 431 432 433 434 435 436 437 438 439 440 441 NextLast modified: May 25, 2011