Spicker v. Commissioner
United States Tax Court
1. Petitioner, upon withdrawing from an accounting partnership, received $ 25,000 for his interest in the cash capital account (then overdrawn), the profits, the uncollected accounts receivable, and the unbilled work of the partnership. Held, petitioner received in substance an amount representing earnings of the partnership which is taxable as ordinary income.
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1. Petitioner, upon withdrawing from an accounting partnership, received $ 25,000 for his interest in the cash capital account (then overdrawn), the profits, the uncollected accounts receivable, and the unbilled work of the partnership. Held, petitioner received in substance an amount representing earnings of the partnership which is taxable as ordinary income. Helvering v. Smith, 90 F. 2d 590 (C. A. 2), followed. 2. Petitioner had overdrawn his capital account by $ 1,101.33, which he was permitted to retain upon severing his connection with the firm. Held, such excess, in the circumstances…
1Opinion of the Court
B. Howard Spicker and Emily Spicker, Petitioners, v. Commissioner of Internal Revenue, Respondent
Spicker v. Commissioner
Docket No. 50338
United States Tax Court
26 T.C. 91; 1956 U.S. Tax Ct. LEXIS 215;
April 17, 1956, Filed
Decision will be entered for the respondent.
1. Petitioner, upon withdrawing from an accounting partnership, received $ 25,000 for his interest in the cash capital account (then overdrawn), the profits, the uncollected accounts receivable, and the unbilled work of the partnership. Held, petitioner received in substance an amount representing earnings of the partnership which is…
2Cases cited15 opinions
- Bull v. United StatesSupreme Court of the United States · 1935
- Williams v. McGowanCourt of Appeals for the Second Circuit · 1945
- Helvering v. SmithCourt of Appeals for the Second Circuit · 1937
- Commissioner of Internal Revenue v. WhitneyCourt of Appeals for the Second Circuit · 1948
- Swiren v. Commissioner of Internal RevenueCourt of Appeals for the Seventh Circuit · 1950
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