Degener v. Commissioner
United States Board of Tax Appeals
1. Commissioner valued decedent's interest in a partnership by including therein interest upon his capital investment and a share of the profits of the firm up to the time of his death, and the value, as of the date of death, of the right of his estate to receive a share of the profits for the remainder of the firm's fiscal year.
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1. Commissioner valued decedent's interest in a partnership by including therein interest upon his capital investment and a share of the profits of the firm up to the time of his death, and the value, as of the date of death, of the right of his estate to receive a share of the profits for the remainder of the firm's fiscal year. The Commissioner's determination is sustained upon principle, and for lack of evidence that the right to share in subsequent profits had any value other than that determined. 2. Executor's commissions, although neither awarded by decree nor paid, held deductible from…
1Opinion of the Court
*188OPINION.
Smith:
The first issue is whether the respondent has correctly valued the interest of the decedent in the partnership “ at the time of his death.” (Section 402 (a), Revenue Act of 1921.) The articles of copartnership provided that the “ surviving members of the firm ” conduct the business of the firm to the end of the fiscal or accounting period in which the decedent died, and that upon “ any accounting * * * with his estate, they shall be required to account for and pay over only the value of the deceased partner’s interest, as shown by the books of the partnership.” The petitioners…
2Cited by9 opinions
- Hull v. CommissionerUnited States Tax Court · 1962
- Sharp v. Commissioner of Internal RevenueCourt of Appeals for the Third Circuit · 1937
- Lamport v. CommissionerUnited States Board of Tax Appeals · 1933
- Sharp v. CommissionerUnited States Board of Tax Appeals · 1934
- Estate of Henning v. CommissionerUnited States Tax Court · 1977
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