Au v. Commissioner
United States Tax Court
Basis for depreciation of nonbusiness property converted to business use held to be fair market value at date of conversion, whether or not property was simultaneously contributed to a partnership.
1Opinion of the Court
OPINION
Opper, Judge:
The evidence appears far from sufficient to sustain petitioner’s burden of proof that on January 1, 1957, a partnership was entered into to which the automobile in question could have been contributed. While the existence of a partnership or even a joint venture is a question of the intent of the parties, Nellie Russo Linsenmeyer, 25 T.C. 1126 (1956), external evidence to substantiate or contradict their statements may be relied on. See, e.g., Commissioner v. Culbertson, 337 U.S. 733 (1949). The failure to file any partnership return except as an afterthought or to comply…
2Cases cited8 opinions
- Commissioner v. CulbertsonSupreme Court of the United States · 1949
- Helvering v. OwensSupreme Court of the United States · 1939
- Heiner v. TindleSupreme Court of the United States · 1928
- Sackstein v. CommissionerUnited States Tax Court · 1950
- Montgomery v. CommissionerUnited States Board of Tax Appeals · 1938
3 more not listed; retrieve them via the Exa API.
3Cited by14 opinions
- Burde v. CommissionerUnited States Tax Court · 1964
- Lawrence Y. S. Au and Wrona K. H. Au v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1964
- Gross v. CommissionerUnited States Tax Court · 1972
- Wheeler v. CommissionerUnited States Tax Court · 1978
- Au v. CommissionerUnited States Tax Court · 1963
9 more not listed; retrieve them via the Exa API.