JOHN P. MOORE, Circuit Judge.
The only issue presented by this appeal is whether the Tax Court erred in holding certain expenses incurred prior to the opening of the business of a partnership are deductible expenses incurred in the production of income. We conclude the Tax Court erred and accordingly reverse its judgment.
Taxpayers hold interests in a limited partnership (CHA) which was formed to build, own, and operate a hotel. Using a cash method of accounting...
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