- 4 -
petitioners’ motion for entry of decision. In docket Nos. 5879-
89, 25436-90, and 1321-92, we shall grant respondent’s motions
for entry of decisions, and we shall deny the motions for entry
of decisions filed by petitioners as participating partners.
Background
At the time the petitions were filed, petitioners resided in
and the relevant partnerships maintained their offices in New
York State.
On their Federal income tax returns for the years 1980
through 1985, petitioners claimed loss deductions relating to
their limited partnership investments in White Rim and Syn-Fuel
as follows:
Claimed Loss Deductions
Partnership 1980 1981 1982 1983 1984 1985
White Rim $39,925 $45,479 $50,880 $13,665 --- ---
Syn-Fuel --- 40,392 38,319 40,890 $33,414 $6,927
Respondent disallowed the above-claimed loss deductions
relating to petitioners’ investments in the White Rim and Syn-
Fuel partnerships for the tax years 1980 through 1982 and the
partnerships’ loss deductions for 1983 through 1985.
At a Court hearing on April 22, 1986, respondent’s counsel
announced that respondent would accept settlement offers from
investors in the White Rim and related limited partnerships on
Page: Previous 1 2 3 4 5 6 7 8 9 Next
Last modified: May 25, 2011