Fine v. Commissioner

1989 T.C. Memo. 640, 58 T.C.M. 820, 1989 Tax Ct. Memo LEXIS 640
CourtUnited States Tax Court
DecidedDecember 4, 1989
DocketDocket No. 3333-88
StatusUnpublished
Cited by3 cases

This text of 1989 T.C. Memo. 640 (Fine v. Commissioner) is published on Counsel Stack Legal Research, covering United States Tax Court primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
Fine v. Commissioner, 1989 T.C. Memo. 640, 58 T.C.M. 820, 1989 Tax Ct. Memo LEXIS 640 (tax 1989).

Opinion

PAUL AND IRMA FINE, Petitioners v. COMMISSIONER OF INTERNAL REVENUE, Respondent
Fine v. Commissioner
Docket No. 3333-88
United States Tax Court
T.C. Memo 1989-640; 1989 Tax Ct. Memo LEXIS 640; 58 T.C.M. (CCH) 820; T.C.M. (RIA) 89640;
December 4, 1989
*640 Leslie T. Jones, for the petitioners.
Mary P. Kimmel, for the respondent.

KORNER

MEMORANDUM FINDINGS OF FACT AND OPINION

KORNER, Judge: Respondent determined a deficiency in petitioners' 1981 income tax of $ 8,587, and additions to tax of $ 429.35 under section 6653(a)(1)1 and 50 percent of the interest due on $ 8,587, pursuant to section 6653(a)(2). The issues presented are: (i) whether petitioners are collaterally estopped from denying that sales of land were made in the ordinary course of business and that the gain from such sales is taxable to them as ordinary income; (ii) if collateral estoppel does not apply, whether certain properties were held primarily for sale to customers in the ordinary course of business, thus requiring profits from the sales to be reported as ordinary income; and (iii) whether petitioners were negligent or intentionally disregarded rules and regulations when they failed to report gain from the sale of the properties as ordinary income on their 1981 joint Federal income tax return.

*641 FINDINGS OF FACT

Some of the facts have been stipulated and are so found. The stipulation of facts and exhibits attached are incorporated by this reference.

Paul and Irma Fine, husband and wife (hereinafter referred to as petitioners), resided in Phoenix, Arizona, at the time their petition was filed.

Petitioners were limited partners in a partnership known as Scottsdale Industrial Realty Investments (SIRI), which was formed in 1978. SIRI was a partner in Scottsdale Industrial Airpark Associates No. 3 (Associates No. 3), a general partnership, from 1978 through 1981. Associates No. 3 entered into a joint venture known as SIAA No. 3 with a Subchapter S corporation known as Triad Development Corporation (Triad) in 1978. 2

*642 Tom Van Sickle was the managing partner of Associates No. 3 from 1978 through 1981. Van Sickle was also the president of Triad from 1978 through 1981, and ran the day-to-day operations of SIAA No. 3 during 1978 through 1981.

SIAA No. 3 obtained 110 acres of land in 1977 for $ 544,500. SIAA No. 3 sold 40 acres of the original 110 acres to Ratliff, Miller and Muhr, Inc. for $ 600,000 on or about June 16, 1978. The remaining 70 acres were in the Scottsdale Industrial Airpark and were in two parcels known as Scottsdale Industrial Airpark Parcel Nos. 7 and 8 (Parcels Nos. 7 and 8). SIAA No. 3 initially wanted to develop Parcel Nos. 7 and 8. The development plans included rezoning and construction of off-site improvements and related facilities.

During 1981, SIAA No. 3 sold Parcel Nos. 7 and 8 in two different transactions. Parcel No. 7 was sold to Tom Treaccar on or about April 14, 1981, for $ 4,161,063. On September 4, 1981, Van Sickle signed escrow instructions for the sale of Parcel No. 8 to Tom Treaccar for $ 4,431,141.

The escrow instructions for Parcel No. 7, dated January 8, 1981, contained a paragraph where the seller agreed to help the buyer obtain governmental approval*643 for platting the property. The escrow instructions for Parcel No. 7 contained a paragraph where the buyer and seller acknowledged that it was the buyer's intention to plat and subdivide the property. The escrow instructions for parcel No. 8, dated September 4, 1981, were signed by representatives of Associates No. 3 and Triad, parties to the joint venture. These escrow instructions explained the buyer's intention to plat and subdivide the property and the seller's agreement to cooperate in any necessary activities to accomplish the buyer's intent.

The purpose of SIAA No. 3, as stated in the joint venture agreement, was to:

Do any and all things necessary to commence development and construction of the Project; to complete construction of the Project; to own and operate the Project; to borrow money and issue evidences of indebtedness, and to secure the same by mortgages, deeds of trust or security interests and the furtherance of any and all the objects of the business of the joint venture; and to enter into any leases, contracts or commitments, assume any obligations, execute any documents and do any and all other acts and things which may be necessary, incidental or convenient*644 to carry on the joint venture's business as contemplated in this joint venture agreement.

Triad, as project manager of the SIAA No. 3 joint venture, agreed in part to "(a) Provide the personnel and all necessary operating and developing costs in order to maximize the development potential of the real property * * *; (b) Secure commitments to furnish interim and permanent financing for the Project; (c) Negotiate and execute the contract or contracts for the construction and development of the Project; (d) Secure all approvals, variances, use permits and reclassification required under any applicable zoning or land use laws, regulations or ordinances for the construction and development of the Project * * *."

Parcel No. 7 was rezoned from residential to industrial (I-1) and commercial (C-4) by the Scottsdale City Council on October 23, 1979. As a condition of retaining the C-4 commercial zoning, SIAA No.

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Cite This Page — Counsel Stack

Bluebook (online)
1989 T.C. Memo. 640, 58 T.C.M. 820, 1989 Tax Ct. Memo LEXIS 640, Counsel Stack Legal Research, https://law.counselstack.com/opinion/fine-v-commissioner-tax-1989.