The United States Supreme Court has used its decision in Commissioner v. Tufts to settle a conflict between circuits and to fine tune an ambiguity which it created thirty-six years ago in Crane v. Commissioner. The circumstances focus on a taxpayer who sells his partnership interest by having the purchaser assume nonrecourse debt to which the partnership property is subject.
"Partnership Sales: When Nonrecourse Debt Exceeds Fair Market Value, Commissioner v. Tufts,"
Akron Law Review: Vol. 17:
1, Article 10.
Available at: https://ideaexchange.uakron.edu/akronlawreview/vol17/iss1/10