Pottash Bros. v. Commissioner
United States Board of Tax Appeals
1. Where a partnership computed its net income in the year 1917 upon the basis of net worth on January 1, 1917, and net worth on December 31, 1917, and the net worth at the close of the year was determined upon a different basis from that at the beginning of the year, the increase in the net worth will not necessarily reflect the profits of the partnership for the year.
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1. Where a partnership computed its net income in the year 1917 upon the basis of net worth on January 1, 1917, and net worth on December 31, 1917, and the net worth at the close of the year was determined upon a different basis from that at the beginning of the year, the increase in the net worth will not necessarily reflect the profits of the partnership for the year. For lack of evidence enabling the Board to determine the true gain of the partnership for the year the addition to net income made made by the Commissioner of an amount claimed to represent the cost of merchandise on hand at…
1Opinion of the Court
POTTASH BROTHERS, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
MAX POTTASH, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
HARRY POTTASH, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Pottash Bros. v. Commissioner
Docket Nos. 11990-11992.
United States Board of Tax Appeals
12 B.T.A. 190; 1928 BTA LEXIS 3578;
May 29, 1928, Promulgated
1. Where a partnership computed its net income in the year 1917 upon the basis of net worth on January 1, 1917, and net worth on December 31, 1917, and the net worth at the close of the year was determined upon a different…
2Cases cited4 opinions
- Estate of DavisSupreme Court of Pennsylvania · 1840
- Levy v. CadetSupreme Court of Pennsylvania · 1828
- Schoneman v. FegleySupreme Court of Pennsylvania · 1848
- Pottash Bros. v. CommissionerUnited States Board of Tax Appeals · 1928