Aitkin v. Commissioner
United States Board of Tax Appeals
The amount paid by two partners to a third partner, in excess of such partner's interest in the capital and undivided proflt in the partnership, to secure his withdrawal from the partnership, such partner taking with him that portion of the business of the partnership which he had secured and the payment resulting in the acquisition of no capital asset by those making the payment, held to be deductible in computing net taxable income.
1Opinion of the Court
A. KING AITKIN, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
HAROLD H. KYNETT, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Aitkin v. Commissioner
Docket Nos. 13189, 13190.
United States Board of Tax Appeals
12 B.T.A. 692; 1928 BTA LEXIS 3485;
June 18, 1928, Promulgated
The amount paid by two partners to a third partner, in excess of such partner's interest in the capital and undivided proflt in the partnership, to secure his withdrawal from the partnership, such partner taking with him that portion of the business of the partnership which he had secured and the…
2Cases cited1 opinion
- Aitkin v. CommissionerUnited States Board of Tax Appeals · 1928