Delp v. Commissioner
United States Tax Court
Pursuant to agreements entered into by the petitioner and certain of his brothers and sisters with their brother Charles, involving the income from property left by their mother, Charles became entitled to receive annually 4/24 of the net income from the property for life and the balance was to be equally divided among the other children.
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Pursuant to agreements entered into by the petitioner and certain of his brothers and sisters with their brother Charles, involving the income from property left by their mother, Charles became entitled to receive annually 4/24 of the net income from the property for life and the balance was to be equally divided among the other children. For 1941 petitioner was entitled to receive 5/24 of the net income and another brother and two sisters each a like fraction and Charles 4/24. Each received his pro rata share of the net income from the property for 1941 and reported the same as taxable…
1Opinion of the Court
OPINION.
Smith, Judge'.
In this proceeding the petitioner contends that the respondent erred in including in his gross income any part of the net income of the business conducted under the name of S. Delp’s Sons which belonged, pursuant to the agreements of July 31,1931, and December 20, 1939, to Charles Delp; that Charles Delp was entitled to his share of the profits “by reason of his being a member of the partnership [S. Delp’s Sons] or as having a life interest in the corpus of the partnership from which the earnings were derived.”
Section 3797 of the Internal Revenue Code defines a…
2Cited by2 opinions
- Delp v. CommissionerUnited States Tax Court · 1958
- Delp v. CommissionerUnited States Tax Court · 1945