Kaffie v. Commissioner
United States Board of Tax Appeals
The value for estate tax purposes of the decedent's interest in a partnership composed of himself and his son, which terminated with his death, held, to be one-fourth of the book value of the assets of the partnership and not one-fourth of 10 times the average annual earnings of the partnership for the period of 5 years prior to the death of the decedent.
1Opinion of the Court
*846OPINION.
Smith:
The question presented by this proceeding is the value for estate tax purposes of the decedent’s one-half community interest in his one-half interest in the partnership of Kaffie Lumber & Building Co., which respondent concedes was dissolved by the death of Leopold Kaffie on September 29, 1937. In the estate tax return such value was reported to be $97,252.41, which is one-fourth of the value of the partnership assets at the date of death, as shown by the partnership books of account. The partnership books of account did not, however, show any value for good will. As we…
2Cases cited11 opinions
- Singer Manufacturing Co. v. June Manufacturing Co.Supreme Court of the United States · 1896
- In re the Judicial Settlement of the Account of SilkmanAppellate Division of the Supreme Court of the State of New York · 1907
- Chittenden v. WitbeckMichigan Supreme Court · 1883
- Altgelt, Administrator v. National BankTexas Supreme Court · 1904
- Hutchinson v. NayMassachusetts Supreme Judicial Court · 1905
6 more not listed; retrieve them via the Exa API.
3Cited by12 opinions
- Wilmot Fleming Engineering Co. v. CommissionerUnited States Tax Court · 1976
- Carty v. CommissionerUnited States Tax Court · 1962
- Miller v. CommissionerUnited States Tax Court · 1963
- Allen H. Dahme Associates, Inc. v. The United StatesUnited States Court of Claims · 1971
- Kenworthy v. CommissionerUnited States Tax Court · 1952
7 more not listed; retrieve them via the Exa API.