Garcia v. Commissioner
United States Tax Court
96 T.C. 792 (1991)
- Written by Eric Miller, JD
Facts
In 1985 Richard Garcia (plaintiff), Daniel Caamano, Bruno Caamano, and Ramiro Lluis formed a partnership, Banana U.S.A. The following year, Garcia brought an action against the other three partners for rescission, damages, and dissolution of the partnership. Meanwhile, Garcia reported his distributive share of Banana U.S.A.’s ordinary operating loss on his federal income-tax return for 1985. The Commission of Internal Revenue (the commissioner) (defendant) disallowed the loss, reasoning that Garcia’s ongoing lawsuit left Banana U.S.A.’s taxable activities for 1985 unresolved. Garcia challenged the disallowance in the United States Tax Court.
Rule of Law
Issue
Holding and Reasoning (Clapp, J.)
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