Myers v. Commissioner
United States Tax Court
1. Held, where principal petitioner, as retiring partner, as of March 31, 1955, sold his interest in a partnership, which kept its books and filed its returns of income on an accrual basis and fiscal year ending September 30, for an amount which included his proportionate share of the partnership's net profits for the period October 1, 1954, to March 31, 1955, the amount of his share of such net profits constitutes ordinary income for his taxable period January 1 to June 30,…
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1. Held, where principal petitioner, as retiring partner, as of March 31, 1955, sold his interest in a partnership, which kept its books and filed its returns of income on an accrual basis and fiscal year ending September 30, for an amount which included his proportionate share of the partnership's net profits for the period October 1, 1954, to March 31, 1955, the amount of his share of such net profits constitutes ordinary income for his taxable period January 1 to June 30, 1955. 2. Held, further, claimed deductions for business loss and travel expenses for petitioner's taxable period…
1Opinion of the Court
Hyman Myers and Dorothy Myers, Petitioners, v. Commissioner of Internal Revenue, Respondent
Myers v. Commissioner
Docket No. 84117
United States Tax Court
38 T.C. 658; 1962 U.S. Tax Ct. LEXIS 99;
August 16, 1962, Filed
Decision will be entered for the respondent.
1. Held, where principal petitioner, as retiring partner, as of March 31, 1955, sold his interest in a partnership, which kept its books and filed its returns of income on an accrual basis and fiscal year ending September 30, for an amount which included his proportionate share of the partnership's net profits for the period October 1,…
2Cases cited8 opinions
- Commissioner v. P. G. Lake, Inc.Supreme Court of the United States · 1958
- Frank v. CommissionerUnited States Tax Court · 1953
- Meyer v. United StatesCourt of Appeals for the Seventh Circuit · 1954
- United States v. ShapiroCourt of Appeals for the Eighth Circuit · 1949
- Bruce W. Hulbert v. Commissioner of Internal Revenue, Charles H. Edwards v. Commissioner of Internal RevenueCourt of Appeals for the Seventh Circuit · 1955
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