Lowenstein v. Commissioner
United States Tax Court
1. The excess of the value of partnership inventories at the date of deceased partner's death, which was used for estate tax purposes, over the value of the inventories based on cost or market, whichever was lower, which was used in computing the distributable income of the partnership, held, not deductible in determining the share of partnership income payable to deceased partner's estate after his death. 2. Loss on sale of deceased partner's interest in continuing…
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1. The excess of the value of partnership inventories at the date of deceased partner's death, which was used for estate tax purposes, over the value of the inventories based on cost or market, whichever was lower, which was used in computing the distributable income of the partnership, held, not deductible in determining the share of partnership income payable to deceased partner's estate after his death. 2. Loss on sale of deceased partner's interest in continuing partnership to surviving partners without any distribution of partnership assets, held, a capital loss, subject to the…
1Opinion of the Court
OPINION.
LeMiRe, Judge-.
The petitioner’s first contention is that its distributable share of partnership income for 1942 should be reduced, for income tax purposes, by $18,473.20 representing the excess of the fair market value of the partnership inventory at the date of decedent’s death, which was used in computing the, value of the estate for estate tax returns, over the book value of the inventory on that date, which was used in computing the partners’ 1942 distributable income.
Petitioner’s theory is that after the decedent’s death his estate owned a one-third interest in each and every…
2Cases cited6 opinions
- Bull v. United StatesSupreme Court of the United States · 1935
- Ford v. Comm'rUnited States Tax Court · 1946
- Coates v. CommissionerUnited States Tax Court · 1946
- Smith v. CommissionerUnited States Tax Court · 1948
- Glassell v. CommissionerUnited States Tax Court · 1949
1 more not listed; retrieve them via the Exa API.
3Cited by17 opinions
- Casey v. CommissionerUnited States Tax Court · 1962
- United States v. ShapiroCourt of Appeals for the Eighth Circuit · 1949
- Estate of Bluestein v. CommissionerUnited States Tax Court · 1950
- Hart Furniture Co. v. CommissionerUnited States Tax Court · 1949
- González Díaz v. DescartesSupreme Court of Puerto Rico · 1954
12 more not listed; retrieve them via the Exa API.