Merrill v. Commissioner
United States Tax Court
Petitioner, a general partner in a New York limited partnership, with a fixed term ended December 31, 1939, was permitted to retire as of March 31, 1939. On March 30, 1940, petitioner and the firm executed an agreement whereby in consideration of certain further payments by the petitioner, mutual releases were exchanged and petitioner was assigned his pro rata share of recoveries on certain doubtful but unliquidated accounts as of March 30, 1940. On his Federal income tax…
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Petitioner, a general partner in a New York limited partnership, with a fixed term ended December 31, 1939, was permitted to retire as of March 31, 1939. On March 30, 1940, petitioner and the firm executed an agreement whereby in consideration of certain further payments by the petitioner, mutual releases were exchanged and petitioner was assigned his pro rata share of recoveries on certain doubtful but unliquidated accounts as of March 30, 1940. On his Federal income tax return for 1940 petitioner claimed as an ordinary loss the sum of $ 103,457.84 in connection with his participation as a…
1Opinion of the Court
opinion.
Leech, Judge:
Petitioner contends that the only issue raised by me pleadings is whether the loss sustained in 1940 was attributable to the operation of a trade or business regularly carried on by the petitioner.
The deficiency notice, as will be noted in the findings of fact, explained that the deficiency resulted from the disallowance by respondent of the deduction in the taxable year, 1941, of any carry-over loss from 1940 because of the provisions of section 122 (d) (5) of the Internal Revenue Code. Several reasons for that action were there stated. The petition assigned error as to…
2Cases cited7 opinions
- Helvering v. GowranSupreme Court of the United States · 1937
- Lyeth v. HoeySupreme Court of the United States · 1938
- Blodgett v. SilbermanSupreme Court of the United States · 1928
- Case v. BeauregardSupreme Court of the United States · 1879
- Ford v. Comm'rUnited States Tax Court · 1946
2 more not listed; retrieve them via the Exa API.
3Cited by3 opinions
- Lazier v. United StatesCourt of Appeals for the Eighth Circuit · 1948
- Sic v. Commissioner of Internal RevenueCourt of Appeals for the Eighth Circuit · 1949
- Merrill v. CommissionerUnited States Tax Court · 1947