Lloyd v. Commissioner
United States Board of Tax Appeals
Income of petitioners from a partnership of which they were members determined.
1Opinion of the Court
*84OPINION.
Littleton :
These petitioners during 1921 were members of a partnership firm of six persons. Under the articles of copartnership they were made the managing partners “ with full, complete, absolute, sole and exclusive power and authority to manage and carry on the said [partnership] business.” To compensate them for the duties and responsibilities which they assumed in their managerial capacities, it was provided in the partnership agreement that the managing partners should “pay to themselves such salary as they may deem reasonable and proper.” It was further provided that the…
2Cases cited1 opinion
- United States v. CoulbyDistrict Court, N.D. Ohio · 1918
3Cited by19 opinions
- Cagle v. CommissionerUnited States Tax Court · 1974
- Bryan v. CommissionerUnited States Tax Court · 1959
- Cagle v. CommissionerCourt of Appeals for the Fifth Circuit · 1976
- Miller v. CommissionerUnited States Tax Court · 1969
- Stout v. CommissionerUnited States Tax Court · 1959
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