Wilmont Fleming Engineering Co. v. Commissioner
United States Tax Court
Partnership was dissolved and two partners sold assets of the partnership business to corporation which continued the business.
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Partnership was dissolved and two partners sold assets of the partnership business to corporation which continued the business. Held, no part of the sale price was attributable to goodwill or "deferred sales"; excess of sale price over book value was allocable to machinery and equipment; partners' gain from sale was ordinary income under secs. 735(a)(1) and 751(c) (effectively, recapture of accelerated depreciation under sec. 1245); and one partner is liable for additional tax under sec. 47, I.R.C. 1954.
1Opinion of the Court
Wilmot Fleming Engineering Co., et al., 1 Petitioners v. Commissioner of Internal Revenue, Respondent
Wilmont Fleming Engineering Co. v. Commissioner
Docket Nos. 8657-73, 8757-73, 8758-73
United States Tax Court
65 T.C. 847; 1976 U.S. Tax Ct. LEXIS 168;
January 29, 1976, Filed
Decision will be entered under Rule 155 in docket No. 8657-73.
Decisions will be entered for respondent in docket Nos. 8757-73 and 8758-73.
Partnership was dissolved and two partners sold assets of the partnership business to corporation which continued the business. Held, no part of the sale price was attributable to goodwill…
2Cases cited29 opinions
- Commissioner v. DanielsonCourt of Appeals for the Third Circuit · 1967
- Danielson v. CommissionerUnited States Tax Court · 1965
- Schmitz v. CommissionerUnited States Tax Court · 1968
- In Re the Accounting of BrownNew York Court of Appeals · 1926
- Albert H. And Doris G. Throndson v. Commissioner of Internal Revenue, Albert H. And Doris G. Throndson v. Commissioner of Internal Revenue, J. Leonard Schmitz and Alice Schmitz v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1972
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