Court Opinion

ID: 4621539
Source: CourtListenerOpinion
Date Created: 2020-11-21 02:44:52.898525+00
Date Added: 2024-06-11T07:56:01.271253
License: Public Domain

C&L PROCESSORS PARTNERSHIP, CONOCO, INC., TAX MATTERS PARTNER, Petitioner, v. COMMISSIONER OF INTERNAL REVENUE, Respondent.C&L Processors v. Commissioner12135-98United States Tax Court1999 U.S. Tax Ct. LEXIS 63; June 3, 1999, Entered *63  Counsel for Petitioner: DENNIS P. BEDELL, MILLER & CHEVALIER, CHARTERED, Washington, D.C.Special Trial Attorney: ROBERT M. MORRISON, Dallas, Texas.  Cohen, Chief Judge.  COHENDECISIONPursuant to Rule 248(a) of the Tax Court Rules of Practice and Procedure, it isORDERED and DECIDED: That the following shows the adjustments to the partnership items of the C&L Processors Partnership for the taxable year ending December 31, 1992:Partnership ItemAs ReportedAs DeterminedDepreciation$ 9,902,306.00$ 9,902,306.00Operating Expenses6,437,935.006,354,153.00Depreciation -Capitalized expenses:-0-7,395.00AMT - Depreciation Adj.6,026,834.006,030,139.00ACE - Depreciation Adj.1,207,055.001,207,717.00* * * * * It is stipulated that the Court may enter the foregoing decision pursuant to Tax Court Rule 248(a).It is further stipulated that Conoco, Inc. is the Tax Matters Partner for C&L Processors Partnership. It is further stipulated that the undersigned Tax Matters Partner of C&L Processors Partnership for the taxable year ending December 31, 1992, by executing this stipulation, *64  consents to the entry of the foregoing decision in this case and certifies that no party objects.CONOCO INC.,RICHARD A. SHERRYGeneral Manager,Tax and Chief Tax OfficerDate: 5/27/99STUART L. BROWNChief CounselInternal Revenue Service