Legal Opinion
Estate of Knipp v. Commissioner
Court of Appeals for the Fourth Circuit
Decided April 10, 1957No. 7302PublishedCited by 3 opinions
1Opinion of the Court
SOBELOFF, Circuit Judge.
The principal problem of this case relates to the proper time for taxing partnership income earned in the year of the death of one of the partners.
A partnership is not a taxable entity under our internal revenue laws, but it has a taxable year for accounting purposes and is required to make an information return, which becomes the basis for computing the partners’ individual income. As the partnership fiscal year may be different from that of the individual partners, the law, U. S. Internal Revenue Code of 1939, Sec. 188, 26 U.S.C.A. § 188, undertakes to deal…
2Cases cited8 opinions
- Heiner v. MellonSupreme Court of the United States · 1938
- Commissioner of Internal Revenue v. Mnookin's EstateCourt of Appeals for the Eighth Circuit · 1950
- Guaranty Trust Co. v. CommissionerSupreme Court of the United States · 1938
- Commissioner of Internal Revenue v. SchuylerCourt of Appeals for the Second Circuit · 1952
- Henderson's Estate v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1946
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3Cited by3 opinions
- Maxcy v. CommissionerUnited States Tax Court · 1973
- Estate Of Frank H. KnippCourt of Appeals for the Fourth Circuit · 1957
- Maxcy v. CommissionerUnited States Tax Court · 1973