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JOINT VENTURE v. COMMISSIONER

Docket Nos. 18386-92, 18387-92..

71 T.C.M. 3195 (1996)

T.C. Memo. 1996-283

Parker Properties Joint Venture, PDW&A, Inc., A Partner Other Than The Tax Matters Partner v. Commissioner. Twenty Mile Joint Venture, PND, Ltd., Tax Matters Partner v. Commissioner.

United States Tax Court.

Filed June 19, 1996.

Attorney(s) appearing for the Case

Theodore Z. Gelt, Denver, Colo., and Ellen O'Brien Kauffmann, for the petitioners. Theodore Z. Gelt, for the intervenor, Nicholson Enterprises, Inc., the tax matters partner, in Docket No. 18386-92 only. Frederick J. Lockhart, Jr., for the respondent.

MEMORANDUM FINDINGS OF FACT AND OPINION

GERBER, Judge:

Respondent, for the taxable year ended June 28, 1988, mailed separate notices of final partnership administrative adjustment to the tax matters partners of Parker Properties Joint Venture (Parker Properties) and Twenty Mile Joint Venture (Twenty Mile). In these notices, respondent increased Parker Properties' and Twenty Mile's incomes by unreported cancellation of indebtedness income of $3,419,963 and...

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