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admissions unless overcome by cogent evidence that they are
wrong. Waring v. Commissioner, 412 F.2d 800, 801 (3d Cir. 1969),
affg. per curiam T.C. Memo. 1968-126; Estate of Hall v.
Commissioner, 92 T.C. 312, 337-338 (1989); Lare v. Commissioner,
62 T.C. 739, 750 (1974), affd. without published opinion 521 F.2d
1399 (3d Cir. 1975).
Arcanum’s 1990 and 1993 returns included Schedules K-1 which
identified two of its partners as trusts: Arthur Stern Jr.
Account # 2 and Stuart D. Grodd IRA Account. Petitioner signed
Arcanum’s 1990 return. Thus, Arcanum’s 1990 return is an
admission by petitioner that two of Arcanum’s partners were not
individuals in 1990. Schedules K-1 for both of those partners
are attached to Arcanum’s 1993 return. We infer that not all of
Arcanum’s partners were individuals or estates in 1991, 1992, or
1993. Petitioner has not shown that all of Arcanum’s partners
were natural persons or estates. Thus, we conclude that Arcanum
was not a small partnership under section 6231(a)(1)(B). As a
result, we lack jurisdiction to decide whether petitioner
incurred a loss from Arcanum in the years in issue.
Due to concessions of the parties and for reasons stated
above,
Decision will be
entered under Rule 155.
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Last modified: May 25, 2011