Glensder Textile Co. v. Commissioner
United States Board of Tax Appeals
Petitioner is a limited partnership organized under the Uniform Partnership Law of New York, under which limited partners have a limited liability but have no part in the management of the partnership. The general partners had admitted as limited partners their respective wives and, through trustees, their infant children.
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Petitioner is a limited partnership organized under the Uniform Partnership Law of New York, under which limited partners have a limited liability but have no part in the management of the partnership. The general partners had admitted as limited partners their respective wives and, through trustees, their infant children. In the partnership certificate filed as required by the local statute, they had reserved the power to increase the limited partners at will and to continue the partnership on the death or retirement of a general partner, and the limited partners had the right to confer all…
1Opinion of the Court
*182OPINION.
Kern :
Respondent, relying on Morrissey v. Commissioner, 296 U. S. 344, and the companion cases decided by the Supreme Court on the same day, contends that the petitioner possesses all the eight elements which were said in those cases to characterize an association in corporate form and hence taxable as a corporation; that it is, in short, a group of persons associated in a joint enterprise to carry on a business, possessing centralized control and continuity of existence; that it has transferable shares and limited liability; that it pays dividends or profits to its members in…
2Cases cited3 opinions
- Morrissey v. CommissionerSupreme Court of the United States · 1935
- McFeely v. CommissionerSupreme Court of the United States · 1935
- Ames v. DowningNew York Surrogate's Court · 1850
3Cited by7 opinions
- Larson v. CommissionerUnited States Tax Court · 1976
- Zuckman v. United StatesUnited States Court of Claims · 1975
- Davison v. CommissionerUnited States Tax Court · 1953
- Glensder Textile Co. v. CommissionerUnited States Board of Tax Appeals · 1942
- Larson v. CommissionerUnited States Tax Court · 1976
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