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ISSUE XII. Whether Kanter Realized and Must Recognize
Capital Gains as a Result of Transactions
Involving Cashmere Investments Associates, Inc.,
During 1983 and Whether the Kanters May Use
the Installment Method To Report Gains ..... 374
FINDINGS OF FACT
A. Transfer of Real Estate Partnership Interests
to Cashmere .................... 380
B. Sale of Cashmere Stock to Waco .......... 383
C. Sale of Cashmere Stock From Waco to Zell ..... 386
OPINION
A. The Parties’ Arguments .............. 387
B. Analysis ..................... 389
1. Applicability of Section 357(b)(1) ...... 391
2. Applicability of Section 357(c) ........ 392
3. Kanter’s Use of the Installment Method .... 394
ISSUE XIII. Whether Kanter Is Entitled to Research and
Development and Business Expense Deductions
Related to Immunological Research Corp.
for 1979 .................... 396
FINDINGS OF FACT
OPINION
A. Trade or Business Requirement of Section 174 ... 404
B. The Parties’ Arguments .............. 407
C. Analysis ..................... 408
ISSUE XIV. Whether Kanter Received Unreported Partnership
Income During 1978 ............... 415
FINDINGS OF FACT
OPINION
ISSUE XV. Whether the Kanters Are Entitled to a Loss From
GLS Associates for 1981 ............. 417
OPINION
ISSUE XVI. Whether the Kanters Are Entitled to Losses From
Equitec for 1983 and 1984 ............ 420
OPINION
A. The Parties’ Arguments .............. 420
B. Analysis ..................... 421
ISSUE XVII. Whether the Kanters Are Entitled to an Investment
Interest Expense Deduction for 1981 ...... 421
OPINION
A. The Parties’ Arguments .............. 422
B. Analysis ..................... 422
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