Fisher v. Commissioner
United States Board of Tax Appeals
1. Income from the sale of cartoons created by petitioner, and from licenses granted to use the characters portrayed in the cartoons, is taxable to petitioner and may not be divided with his father and mother, who contributed nothing to the partnership through the books of which the income was passed. 2. The evidence does not establish that racing and breeding stables were established with the expectation of profit, and a loss sustained in the operation may not be deducted.
1Opinion of the Court
*1045OPINION.
ÁRundell :
The first question is whether the income carried through the partnership books in 1925 was in reality partnership income and distributable among petitioner, his father, and his mother, or whether it was income to petitioner alone and taxable to him.
The respondent allowed the income to be divided in prior years and petitioner places stress on this as overcoming the presumptive correctness of respondent’s determination for 1925. We do not know what facts were presented as to the prior years, but, whatever they were, the findings for the prior years do not preclude the…
2Cases cited8 opinions
- Lucas v. EarlSupreme Court of the United States · 1930
- Meehan v. ValentineSupreme Court of the United States · 1892
- Martin v. PeytonNew York Court of Appeals · 1927
- Widener v. CommissionerUnited States Board of Tax Appeals · 1927
- Amory v. CommissionerUnited States Board of Tax Appeals · 1931
3 more not listed; retrieve them via the Exa API.
3Cited by10 opinions
- Richard E. Wiles, Jr., and Constance K. Wiles v. United States of America, Brooks C. Noah and Mary Ann Noah v. United StatesCourt of Appeals for the Tenth Circuit · 1962
- Nichols v. CommissionerUnited States Tax Court · 1959
- Mel Dar Corp. v. CommissionerUnited States Tax Court · 1960
- Stout v. CommissionerUnited States Tax Court · 1953
- Amos S. Bumgardner & Ann H. Bumgardner v. CommissionerUnited States Tax Court · 1954
5 more not listed; retrieve them via the Exa API.