Curr-Spec Partners, LP, Curr-Spec Managers, LLC, Tax Matters Partner - Page 2




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          (1) Petitioner’s motion to dismiss for lack of jurisdiction and             
          to strike; (2) petitioner’s motion for summary judgment; (3)                
          respondent’s motion for summary judgment; and (4) petitioner’s              
          motion for leave to file a second amended petition.  For the                
          reasons stated below, we shall grant petitioner’s motion for                
          leave to file a second amended petition and deny the remaining              
          motions.  Unless otherwise indicated, all Rule references are to            
          the Tax Court Rules of Practice and Procedure, and all section              
          references are to the Internal Revenue Code, as amended.                    
                                     Background                                       
               Curr-Spec Partners, L.P. (the partnership), filed a Form               
          1065, U.S. Partnership Return of Income, for the taxable year               
          1999 on or about October 11, 2000.  The partnership reported                
          $6,239,938 of capital contributions, a net loss of $2,343, and              
          distributions to partners of $6,237,595.                                    
               On October 13, 2004, respondent issued Curr-Spec Managers,             
          L.L.C., Tax Matters Partner (petitioner), a notice of final                 
          partnership administrative adjustment (FPAA) for the taxable year           
          1999.  Respondent determined, among other things:  (1) The                  
          partnership was a sham; (2) as a result, all transactions engaged           
          in by the partnership would be treated as engaged in directly by            
          the partners; (3) all income, deductions, gains, and losses                 
          reported by the partnership would be disallowed; and (4) the                
          partners would be treated as having no bases in their respective            







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