Mayes v. Commissioner
United States Tax Court
1. Taxpayer owned a 40 per cent interest in a partnership and agreed to pool his personal earnings from outside sources with partnership income.
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1. Taxpayer owned a 40 per cent interest in a partnership and agreed to pool his personal earnings from outside sources with partnership income. Held, taxpayer is chargeable with income in an amount not less than his personal earnings ( Lucas v. Earl, 281 U.S. 111) and not more than his distributive share of partnership net income, computed by including therein his personal earnings. 2. Correctness of various adjustments made by the Commissioner with respect to bad debts, depreciation, and other items determined. 3. Five per cent addition to tax because of negligence approved.
1Opinion of the Court
W. B. Mayes, Jr., Petitioner, v. Commissioner of Internal Revenue, Respondent
Mayes v. Commissioner
Docket No. 36834
United States Tax Court
21 T.C. 286; 1953 U.S. Tax Ct. LEXIS 20;
November 24, 1953, Promulgated
Decision will be entered under Rule 50.
1. Taxpayer owned a 40 per cent interest in a partnership and agreed to pool his personal earnings from outside sources with partnership income. Held, taxpayer is chargeable with income in an amount not less than his personal earnings ( Lucas v. Earl, 281 U.S. 111) and not more than his distributive share of partnership net income, computed by…
2Cases cited5 opinions
- Cohan v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1930
- Lucas v. EarlSupreme Court of the United States · 1930
- Mayes v. CommissionerUnited States Tax Court · 1953
- Mayes v. United StatesCourt of Appeals for the Tenth Circuit · 1953
- Mayes v. United StatesDistrict Court, E.D. Oklahoma · 1952