Harbor Cove Marina Partners Partnership, Robert A. Collins, A Partner Other Than The Tax Matters Partner - Page 34

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          54 T.C. 1621, 1630-1631 (1970).  Given this broad grant of                  
          authority, the legislative intent for simplicity, flexibility,              
          and equity as between the partners, and the fact that each                  
          partner’s distributive share of income, gain, loss, deduction, or           
          credit generally turns on the partnership agreement, sec. 704(a),           
          it seems to us that the winding up of HCMP (and hence its                   
          termination) for Federal tax purposes must also be in accordance            
          with the partnership agreement.  In fact, but for a procedural              
          violation that the trial court stated was committed by Collins as           
          to the lawsuit, and which the trial court believed made void all            
          judicial action taken in the lawsuit after October 17, 2000, even           
          the trial court has concluded that HCMP continues to exist for              
          State law purposes.  The trial court concluded in 2003 that HCMP            
          was not then wound up, that Collins remained an HCMP partner, and           
          that Collins, as a partner, was entitled to his share of HCMP               
          income from November 18, 1998, through the time that the marina             
          was publicly sold.  As the Treasury regulations on the                      
          termination of partnerships are careful to note, a partnership’s            
          termination under section 708(b)(1)(A) does not occur until the             
          winding up of its business operations is completed.                         
               Respondent seeks a contrary holding focusing on the fact               
          that HCMP and its partners other than Collins filed tax returns             
          reporting that HCMP had been terminated during 1998 and that                
          Sunroad limited partnership filed a tax return for a period                 

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