Carter v. Commissioner
United States Board of Tax Appeals
1. Members of a law partnership, including petitioners, entered into an agreement which provided that in case of the death of any member his estate should receive a sum equal to one-half of the amount actually received by the deceased partner during the two calendar years nest preceding his death, in full payment of his interest in the firm and its assets.
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1. Members of a law partnership, including petitioners, entered into an agreement which provided that in case of the death of any member his estate should receive a sum equal to one-half of the amount actually received by the deceased partner during the two calendar years nest preceding his death, in full payment of his interest in the firm and its assets. Held, the transaction thereunder was a sale, and the income out of which payments were made to the deceased member's estate constituted distributive income to the surviving partners. Such income is taxable to petitioners according to their…
1Opinion of the Court
W. FRANK CARTER, PETITIONER, ET AL., 1v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Carter v. Commissioner
Docket Nos. 78878, 78879, 78880, 78881.
United States Board of Tax Appeals
36 B.T.A. 60; 1937 BTA LEXIS 781;
June 8, 1937, Promulgated
1. Members of a law partnership, including petitioners, entered into an agreement which provided that in case of the death of any member his estate should receive a sum equal to one-half of the amount actually received by the deceased partner during the two calendar years nest preceding his death, in full payment of his interest in the firm and its assets.…
2Cases cited14 opinions
- Bull v. United StatesSupreme Court of the United States · 1935
- Metcalf & Eddy v. MitchellSupreme Court of the United States · 1926
- Swift & Co. v. Hocking Valley Railway Co.Supreme Court of the United States · 1917
- State ex rel. Walker v. BusSupreme Court of Missouri · 1896
- Seatree v. CommissionerUnited States Board of Tax Appeals · 1932
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