Teaford v. Commissioner
United States Tax Court
Petitioners, together with other parties, owned 50 per cent of the partnership known as Teaford, Danches and Company. On November 6, 1943, petitioners and such other persons, known as the Teaford faction, collectively entered into a written agreement relating to the sale of their interests to the so-called Danches faction.
Read the full summary
Petitioners, together with other parties, owned 50 per cent of the partnership known as Teaford, Danches and Company. On November 6, 1943, petitioners and such other persons, known as the Teaford faction, collectively entered into a written agreement relating to the sale of their interests to the so-called Danches faction. Upon being apprised of the agreement, the Bank, to which the partnership was heavily indebted, refused to acquiesce in the agreement and insisted upon a new agreement, executed November 18, 1943, providing for the continued existence of the partnership as then constituted…
1Opinion of the Court
John K. Teaford et al. * v. Commissioner.
Teaford v. Commissioner
Docket Nos. 25860, 30578, 30593-30596.
United States Tax Court
T.C. Memo 1955-265; 1955 Tax Ct. Memo LEXIS 73; 14 T.C.M. (CCH) 1052; T.C.M. (RIA) 55265;
September 28, 1955
Petitioners, together with other parties, owned 50 per cent of the partnership known as Teaford, Danches and Company. On November 6, 1943, petitioners and such other persons, known as the Teaford faction, collectively entered into a written agreement relating to the sale of their interests to the so-called Danches faction. Upon being apprised of the agreement, the…
2Cases cited2 opinions
- Smith v. CommissionerUnited States Tax Court · 1948
- Hirsch v. CommissionerUnited States Tax Court · 1951
3Cited by1 opinion
- John K. Teaford v. Commissioner of Internal RevenueCourt of Appeals for the Seventh Circuit · 1957