Panero v. Commissioner
United States Tax Court
A limited partnership of professional engineers, having one general partner, continued to operate after his death. His estate contends that such continuing operations were unlawful under New York law and that therefore the partnership terminated and its year closed with his death so that his estate could claim a net operating loss for decedent's last (short) taxable year under sec. 706(a), I.R.C. 1954. Held, petitioners' position is not well taken because: 1. The limited…
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A limited partnership of professional engineers, having one general partner, continued to operate after his death. His estate contends that such continuing operations were unlawful under New York law and that therefore the partnership terminated and its year closed with his death so that his estate could claim a net operating loss for decedent's last (short) taxable year under sec. 706(a), I.R.C. 1954. Held, petitioners' position is not well taken because: 1. The limited partners who continued the conduct of partnership's affairs were licensed professional engineers and consequently their…
1Opinion of the Court
FORRESTER, Judge:
By bis statutory deficiency notice tbe Commissioner determined a deficiency for tbe taxable year ended December 31, 1958, in tbe amount of $29,738.44. This asserted deficiency resulted from the disallowance of a claimed carryback loss from tbe period commencing January 1, 1961, and ending May 14, 1961, as to Guy B. Panero, deceased, and ending December 31,1961, as to Anna McCormick Panero.1
Tbe only issue before us is whether a partnership, of which Guy B. Panero was a member, had a taxable year which ended or closed with or within the last taxable year of Guy B. Panero,…
2Cases cited6 opinions
- Guaranty Trust Co. v. CommissionerSupreme Court of the United States · 1938
- Continental National Bank of Boston v. StraussNew York Court of Appeals · 1893
- Executive Hotel Associates v. Elm Hotel Corp.Civil Court of the City of New York · 1964
- Riviera Congress Associates v. YasskyAppellate Division of the Supreme Court of the State of New York · 1966
- First National Bank v. WhitneyNew York Supreme Court · 1871
1 more not listed; retrieve them via the Exa API.
3Cited by5 opinions
- Maxcy v. CommissionerUnited States Tax Court · 1973
- Estate of Skaggs v. CommissionerUnited States Tax Court · 1980
- Estate of Skaggs v. CommissionerUnited States Tax Court · 1980
- Maxcy v. CommissionerUnited States Tax Court · 1973
- Panero v. CommissionerUnited States Tax Court · 1967