Virginia Historic Tax Credit Fund 2001 LP v. Commissioner

How courts have described this case

Verbatim parenthetical descriptions written by other courts when citing this decision. Ranked by citation-network relevance.

• concluding that nontransferable State tax credits were property
• explaining that “entrepreneurial risks of partnership operations” involves placing “money into a venture with the hope that it might grow in amount but with the knowledge that it may well shrink”
• concluding that nontransferable State tax credits were property
• noting that although “[i]t [was] true ... there was ... no guarantee that resources would remain available in the source partnership to make the promised refunds ... it [was] also true that the Funds were structured in such a way as to render the possibility of insolvency remote”
• noting the fact that “investors were secured against losing their contributions by the promise of a refund from the Funds if tax credits could not be delivered or were revoked” “point[ed] to the conclusion that there was no true entrepreneurial risk faced by investors”
• noting the fact that “investors were promised what was, in essence, a fixed rate of return on investment rather than any share in partnership profits tied to their partnership interests” “point[ed] to the conclusion that there was not true entrepreneurial risk faced by investors”

Source: CourtListener parenthetical corpus (CC0).