Estate of Goldstein v. Commissioner
United States Tax Court
During the early part of 1951, William and Harry Goldstein were equal partners in a business which bought, stored, processed, and sold scrap metal. The partnership used the calendar year in reporting income.
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During the early part of 1951, William and Harry Goldstein were equal partners in a business which bought, stored, processed, and sold scrap metal. The partnership used the calendar year in reporting income. By an agreement dated April 21, 1951, William purchased Harry's interest in the partnership for $ 125,000. Held, that the income of the business for the period January 1 through April 21, 1951, is the distributable income to the partners, 50 per cent to William and 50 per cent to Harry, and is to be accounted for as such in computing the gain realized by Harry from the sale of his…
1Opinion of the Court
OPINION.
TurneR, Judge:
On the facts of record, decision must be against the Estate of Harry Goldstein and for the Estate of William, and for the respondent in the Harry Goldstein case and against him in the William Goldstein case.
From and after the death of their brother Charles, in 1949, Harry and William were equal and the only partners of L. Goldstein’s Sons. Their association in the business was not harmonious, and almost continuously until the agreement of April 21, 1951, there were proposals and counterproposals for the incorporation of the business, its liquidation, or the purchase by…
2Cases cited5 opinions
- Swiren v. Commissioner of Internal RevenueCourt of Appeals for the Seventh Circuit · 1950
- Karsch v. CommissionerUnited States Tax Court · 1947
- Meyer v. United StatesCourt of Appeals for the Seventh Circuit · 1954
- Le Sage v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1949
- Newspaper Guild of Boston v. Boston Herald-Traveler CorporationCourt of Appeals for the First Circuit · 1956
3Cited by3 opinions
- Sherlock v. CommissionerCourt of Appeals for the Fifth Circuit · 1961
- Chris J. Sherlock v. Commissioner Of Internal RevenueCourt of Appeals for the Fifth Circuit · 1961
- Estate of Goldstein v. CommissionerUnited States Tax Court · 1958