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Профессиональный Документы
Культура Документы
2010-153
MEMORANDUM OPINION
Background
officer, and president of Basin. Mr. Valeri dealt with the day-
1
Devonian has at times referred to itself as America
International 1999 Venture.
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Basin will receive a flat fee of $292,500 for services and will
Devonian.
31, 1999 and 2000, and copies of Schedules K-l, Partner’s Share
Although Mr. Valeri did not sign the December 5, 2001, letter, he
authorized his staff to stamp his signature on the letter and was
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aware that the letter had been sent. Included in the letter were
Schedules K-1 from Devonian for Basin for 1999 and 2000. Both
Schedules K-1 prepared by Mr. Anger for 1999 and 2000 identified
and had a $3,000 capital account balance at the end of that year.
The 2000 Schedule K-1 reported that Basin had a $3,000 capital
Valeri did not inform respondent that what was sent in the
On November 27, 2007, the FPAA was issued to Basin for the
petition was assigned docket No. 3881-08. On April 11, 2008, Mr.
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Valeri filed a second petition with respect to the same FPAA, and
Devonian designated as its TMP on its 1999 Form 1065, had filed a
section 6226(a).
order dated July 24, 2008, the Court ordered respondent to file
response was filed on August 11, 2008. The motion to dismiss for
Discussion
I. Introduction
2
Sec. 6231(a)(7)(A) provides that the tax matters partner
(TMP) of any partnership is the general partner designated as the
TMP in accordance with regulations issued by the Secretary. Sec.
301.6231(a)(7)-1, Proced. & Admin. Regs., provides guidelines for
selection of the TMP. A person may be designated the TMP of a
partnership for a taxable year only if that person was a general
partner in the partnership at some time during the taxable year
for which the designation is made or is a general partner in the
(continued...)
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its petition to the Court with respect to the FPAA within the 90-
2
(...continued)
partnership as of the time the designation is made. Sec.
301.6231(a)(7)-1(b), Proced. & Admin. Regs.
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control of income; and the purposes for which the income is used.
Id. at 742; see also Va. Historic Tax Credit Fund 2001 LP v.
Mr. Valeri argues that Basin was not and never has been a
the other partners. Mr. Valeri argues that Basin did not sign
Respondent argues that Basin was a partner and did have a capital
3
Respondent concedes that the $292,500 was for services
rendered but disagrees that Basin’s 17-percent interest in net
revenues was to be received for services rendered.
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tax years 1999 and 2000 were issued to Basin. The Schedules K-1
reported that (1) Basin was a general partner, (2) Basin had a
he realized what was wrong only “over the past year or two” after
serving.
Valeri on any new tax legislation. Mr. Karlik also stated that
both he and Mr. Valeri knew that the Schedules K-1 issued to
Basin were incorrect when they were sent to respondent during the
An appropriate order of