Guaranty Trust Co. v. Commissioner
United States Board of Tax Appeals
1. Decedent, until his death on December 16, 1933, was a member of a New York partnership. Both decedent and the partnership were on the cash receipts and disbursements basis. Decedent reported his income on a calendar year basis and the partnership, on that of a fiscal year ending July 31, 1933. The partnership contract provided for only one accounting period, which was at the close of its fiscal year.
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1. Decedent, until his death on December 16, 1933, was a member of a New York partnership. Both decedent and the partnership were on the cash receipts and disbursements basis. Decedent reported his income on a calendar year basis and the partnership, on that of a fiscal year ending July 31, 1933. The partnership contract provided for only one accounting period, which was at the close of its fiscal year. Decedent died December 16, 1933. Under a provision of the partnership contract, the surviving partners continued the firm for the purposes of liquidation, which was completed during 1934.…
1Opinion of the Court
GUARANTY TRUST COMPANY OF NEW YORK, EXECUTOR, ESTATE OF LAMAR L. FLEMING, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Guaranty Trust Co. v. Commissioner
Docket No. 78362.
United States Board of Tax Appeals
34 B.T.A. 384; 1936 BTA LEXIS 707;
April 21, 1936, Promulgated
1. Decedent, until his death on December 16, 1933, was a member of a New York partnership. Both decedent and the partnership were on the cash receipts and disbursements basis. Decedent reported his income on a calendar year basis and the partnership, on that of a fiscal year ending July 31, 1933. The partnership…
2Cases cited12 opinions
- Shwab v. DoyleSupreme Court of the United States · 1922
- Helvering v. City Bank Farmers Trust Co.Supreme Court of the United States · 1935
- Helvering v. Morgan's, Inc.Supreme Court of the United States · 1934
- Goldfield Consolidated Mines Co. v. ScottSupreme Court of the United States · 1918
- Goldman v. CommissionerUnited States Board of Tax Appeals · 1929
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