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In Anderson Equip. Associates, et al., Barrister Associates,
Tax Matters Partner v. Commissioner, docket No. 27745-89,
respondent’s disallowance of the partnership losses and credits
claimed by Barrister and by other related partnerships was
challenged by Barrister and by the other partnerships.
On February 17, 1995, a settlement was entered into and an
agreed decision was entered in Anderson Equip. Associates
reflecting the disallowance of the losses and credits claimed by
Barrister and by the other partnerships. With respect to
petitioners, the disallowance of Barrister’s claimed losses and
credits resulted in a tax deficiency for petitioners for 1982 of
$41,412.
On and about May 3, 1996, as a result of the disallowance of
Barrister’s claimed losses and credits, respondent issued
affected-items notices of deficiency to petitioners and to the
other limited partners of Barrister and of the other related
partnerships. The affected-items notice of deficiency that
petitioner received from respondent asserted, among other things,
the additions to tax at issue herein.
Rosalie Monahan, a petitioner herein, also participated as
an executrix for a relative in the related case of Chimblo v.
Commissioner, 177 F.3d 119 (2d Cir. 1999), affg. T.C. Memo. 1997-
535. Chimblo involved investments similar to those involved in
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