Estate of Etoll v. Commissioner
United States Tax Court
In 1973, Etoll collected the accounts receivable of his dissolved partnership. Relying on a 1960 partnership agreement, he claimed entitlement to 100 percent of the receivables. The funds were deposited into an account from which Etoll, alone, was authorized to make withdrawals or were used by Etoll to pay personal expenses. Etoll's two former partners brought suit against him, seeking a portion of the collected receivables.
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In 1973, Etoll collected the accounts receivable of his dissolved partnership. Relying on a 1960 partnership agreement, he claimed entitlement to 100 percent of the receivables. The funds were deposited into an account from which Etoll, alone, was authorized to make withdrawals or were used by Etoll to pay personal expenses. Etoll's two former partners brought suit against him, seeking a portion of the collected receivables. In 1978, a New York State court held Etoll was entitled to only 40 percent of the receivables, and the other partners were each entitled to 30 percent. Held, in…
1Opinion of the Court
OPINION
Tannenwald, Chief Judge:
Respondent determined a deficiency of $7,856 in petitioners’ 1973 Federal income tax. The main issue for our determination is whether accounts receivable collected by Fred A. Etoll, Sr., in 1973, constitute gross income to him in that year.
This case was submitted fully stipulated. The stipulation of facts is incorporated by this reference.
The petitioners are Freda E. Etoll and the Estate of Fred A. Etoll, Sr., represented by its executor, Fred A. Etoll, Jr. At the time the petition in this case was filed, Freda E. Etoll resided in Albany, N.Y., and Fred A.…
2Cases cited10 opinions
- North American Oil Consolidated v. BurnetSupreme Court of the United States · 1932
- James v. United StatesSupreme Court of the United States · 1961
- Healy v. CommissionerSupreme Court of the United States · 1953
- United States v. LewisSupreme Court of the United States · 1951
- Walet v. CommissionerUnited States Tax Court · 1958
5 more not listed; retrieve them via the Exa API.
3Cited by6 opinions
- Scallen v. CommissionerUnited States Tax Court · 1987
- Moorefield v. CommissionerUnited States Tax Court · 1996
- Costello v. CommissionerUnited States Tax Court · 1985
- Estate of Etoll v. CommissionerUnited States Tax Court · 1982
- Hawkins v. CommissionerUnited States Tax Court · 1990
1 more not listed; retrieve them via the Exa API.