Stanback v. Commissioner
United States Tax Court
1. Held, that petitioners are here collaterally estopped from again litigating the issue of the validity of a family partnership previously found not to be bona fide in Stanback v. Robertson, (C. A. 4, 1950) 183 F. 2d 889. 2. Held, further, that petitioners are not entitled to have allocated to certain trusts, which are deemed not to be partners in the business in question, a proportion of the net profits of the business equal to the proportion of the capital of such trusts…
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1. Held, that petitioners are here collaterally estopped from again litigating the issue of the validity of a family partnership previously found not to be bona fide in Stanback v. Robertson, (C. A. 4, 1950) 183 F. 2d 889. 2. Held, further, that petitioners are not entitled to have allocated to certain trusts, which are deemed not to be partners in the business in question, a proportion of the net profits of the business equal to the proportion of the capital of such trusts used in the business to the total capital thereof, but the partnership is entitled to deduct reasonable amounts paid or…
1Opinion of the Court
OPINION.
FisheR, Judge:
The first question which we must answer is whether either party is collaterally estopped from here litigating the issue of the validity for Federal income tax purposes of the Stanbacks’ family partnership for the years 1943-1949 insofar as it concerns the trusts as partners. The question arises in unusual circumstances. Petitioners urge that a prior decision of this Court (Wachovia Bank & Trust Co., Tax Court Memorandum, Docket Nos. 1899-1902, filed June 22, 1944) represents a previous consideration of the precise issue here before us and that such decision in favor of…
2Cases cited15 opinions
- Cohan v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1930
- Commissioner v. SunnenSupreme Court of the United States · 1948
- Helvering v. CliffordSupreme Court of the United States · 1940
- Commissioner v. CulbertsonSupreme Court of the United States · 1949
- Commissioner v. TowerSupreme Court of the United States · 1946
10 more not listed; retrieve them via the Exa API.
3Cited by9 opinions
- Lea, Inc. v. CommissionerUnited States Tax Court · 1978
- T. M. Stanback, T. M. Stanback and Ada M. Stanback, Fred J. Stanback, Fred J. Stanback and Elizabeth C. Stanback v. Commissioner of Internal RevenueCourt of Appeals for the Fourth Circuit · 1959
- Estate of Goldenberg v. CommissionerUnited States Tax Court · 1964
- Potter v. Comm'rUnited States Tax Court · 1956
- Potter v. CommissionerUnited States Tax Court · 1956
4 more not listed; retrieve them via the Exa API.