Spector v. Commissioner
United States Tax Court
Held, although written agreements provided for quaranteed payments to petitioner in liquidation of his purported interest in a partnership, petitioner had offered strong proof that the payments were actually for the sale of his interest in another partnership to unrelated third parties, and thus constituted capital gains.
Read the full summary
Held, although written agreements provided for quaranteed payments to petitioner in liquidation of his purported interest in a partnership, petitioner had offered strong proof that the payments were actually for the sale of his interest in another partnership to unrelated third parties, and thus constituted capital gains. Held, further, legal expenses incurred in connection with a divorce settlement agreement were allocable pro rata among cash and other properties received and the portion allocable to cash was nondeductible.
1Opinion of the Court
Bernard D. Spector, Petitioner v. Commissioner of Internal Revenue, Respondent
Spector v. Commissioner
Docket No. 2498-77
United States Tax Court
71 T.C. 1017; 1979 U.S. Tax Ct. LEXIS 156;
March 20, 1979, Filed
Decision will be entered under Rule 155.
Held, although written agreements provided for quaranteed payments to petitioner in liquidation of his purported interest in a partnership, petitioner had offered strong proof that the payments were actually for the sale of his interest in another partnership to unrelated third parties, and thus constituted capital gains. Held, further, legal expenses…
2Cases cited30 opinions
- Commissioner v. CulbertsonSupreme Court of the United States · 1949
- United States v. GilmoreSupreme Court of the United States · 1963
- Margit Sigray Bessenyey v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1967
- Commissioner v. DanielsonCourt of Appeals for the Third Circuit · 1967
- Danielson v. CommissionerUnited States Tax Court · 1965
25 more not listed; retrieve them via the Exa API.