Jack A. Upchurch - Page 3
- 3 -
summary judgment may be granted only if it is demonstrated that
no genuine issue exists as to any material fact, and a decision
may be entered as a matter of law. Rule 121(b); Sundstrand Corp.
v. Commissioner, 98 T.C. 518, 520 (1992), affd. 17 F.3d 965 (7th
We conclude that there is no genuine issue as to any
material fact and that a decision may be rendered as a matter of
Some of the facts have been stipulated and are so found.
The stipulation of facts and related exhibits are incorporated
herein by this reference.
At the time he filed the petition, petitioner resided in
During 1996, petitioner owned an interest in a partnership
known as the Upchurch Family Limited Partnership. This
partnership was to contribute a parcel of real estate to another
partnership, which would then use that parcel and an adjacent
parcel for a large scale mixed-use development project. On
December 26, 1996, petitioner made gifts to his daughter, Jill,
of a 29-percent interest in the Upchurch Family Limited
Partnership and $10,000 cash. On the same date, petitioner also
made gifts of a 31-percent interest in the Upchurch Family
Limited Partnership to his son, Jack, and a 31-percent interest
Page: 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Last modified: November 10, 2007