Simon v. Commissioner
United States Tax Court
Upon the facts, held, that the execution by partners of a conditional agreement, made subsequent to the close of the partnership's fiscal year, to refund a portion of the partnership income received during such fiscal year does not retroactively reduce the distributed income of the partnership for that year.
1Opinion of the Court
OPINION.
Hill, Judge-.
The narrow issue for our consideration in this case is whether the execution by the petitioners of a conditional agreement made subsequent to the close of the partnership’s fiscal year to refund a portion of the partnership income received during such fiscal year retroactively reduces the distributed income of the partnership for that year.
It is conceded that the partnership during its fiscal year ended October 31,1943, was paid rent by the corporation in an amount equal to 6 per cent of the gross sales of the corporation during the period August 1, 1942, to July 31,…
2Cases cited4 opinions
- Burnet v. Sanford & Brooks Co.Supreme Court of the United States · 1931
- Security Flour Mills Co. v. CommissionerSupreme Court of the United States · 1944
- Baltimore Transfer Co. v. CommissionerUnited States Tax Court · 1947
- Brighton Mills, Inc. v. CommissionerUnited States Tax Court · 1946
3Cited by7 opinions
- United States v. Ruben Simon, United States of America v. Meyer Simon, United States of America v. Morris SimonCourt of Appeals for the Sixth Circuit · 1960
- Curran Realty Co. v. CommissionerUnited States Tax Court · 1950
- Zeunen Corp. v. United StatesDistrict Court, E.D. Michigan · 1964
- Fairmount Park Raceway, Inc. v. CommissionerUnited States Tax Court · 1962
- Simon v. United StatesDistrict Court, E.D. Michigan · 1959
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