Smith v. Commissioner
United States Tax Court
Longstreet, Abbott, Smith, and Hilby composed the membership of LACO, a partnership engaged in trading of commodity futures and spot commodities and in rendering advice on the commodity markets. Pursuant to "partnership" agreements LACO also managed several Funds engaged in commodity trading, and managed accounts for several individual investors.
Read the full summary
Longstreet, Abbott, Smith, and Hilby composed the membership of LACO, a partnership engaged in trading of commodity futures and spot commodities and in rendering advice on the commodity markets. Pursuant to "partnership" agreements LACO also managed several Funds engaged in commodity trading, and managed accounts for several individual investors. LACO received a portion of the profits realized by the Funds and by the individual trading accounts in return for its management services: 1. Held, the Funds were associations taxable as corporations, not partnerships as petitioners contended. 2.…
1Opinion of the Court
OPINION.
Bruce, Judge:
These consolidated proceedings involve deficiencies and additions to tax as follows:
[[Image here]]
After concessions by both parties,2 the issues remaining for decision are as follows:(1) Are the Funds in Docket Nos. 65287 through 65291, and 73031 through 73035, associations taxable as corporations?(2) Did the Funds realize ordinary income or loss rather than capital gain or loss from their purchases and sales of commodity futures and spot commodities ?(3) Did the partnership of Longstreet-Abbott & Company (LACO) and, therefore, the partners (petitioners in Docket Nos.…
2Cases cited20 opinions
- Commissioner v. CulbertsonSupreme Court of the United States · 1949
- Corn Products Refining Co. v. CommissionerSupreme Court of the United States · 1956
- United States v. Security Trust & Savings BankSupreme Court of the United States · 1950
- Burk-Waggoner Oil Assn. v. HopkinsSupreme Court of the United States · 1925
- Helvering v. Coleman-Gilbert AssociatesSupreme Court of the United States · 1935
15 more not listed; retrieve them via the Exa API.
3Cited by34 opinions
- Luna v. CommissionerUnited States Tax Court · 1964
- Bagley v. CommissionerUnited States Tax Court · 1995
- Estate of Craig M. Smith, Deceased, Ruth E. Smith v. Commissioner of Internal RevenueCourt of Appeals for the Eighth Circuit · 1963
- Muldrow v. CommissionerUnited States Tax Court · 1962
- Christine L. Pounds as Independent of the Estate of Horace E. Pounds and Christine L. Pounds v. United StatesCourt of Appeals for the Fifth Circuit · 1967
29 more not listed; retrieve them via the Exa API.