Stilwell v. Commissioner
United States Tax Court
Petitioner husband and one Forsythe terminated their partnership. All of the partnership's assets were distributed to Forsythe, who assumed all of its liabilities. Held, Forsythe's assumption of his partner's share of the partnership liabilities constituted a distribution in liquidation within the meaning of sections 731 and 736, I.R.C. 1954, and loss realized on such liquidation was capital loss under section 741, I.R.C. 1954.
1Opinion of the Court
Tannenwald, Judge:
Respondent determined a deficiency in the income tax of the petitioners for the calendar year 1962 in the amount of $3,549.06. Petitioners have conceded the inclusion of certain additional items of income. The sole remaining issue is whether petitioner husband suffered a capital loss or ordinary loss from his failure to recover his capital account upon the dissolution of a partnership during the taxable year.
FINDINGS OF FACT
This is a fully stipulated case. The stipulation of facts, together with the exhibits attached thereto, is incorporated herein by this reference.
Andrew…
2Cases cited4 opinions
- National Carbide Corp. v. CommissionerSupreme Court of the United States · 1949
- Foxman v. CommissionerUnited States Tax Court · 1964
- Phillips v. CommissionerUnited States Tax Court · 1963
- Wilkinson v. United StatesDistrict Court, S.D. Alabama · 1959
3Cited by36 opinions
- Norman and Arlene Rodman, Appellants-Cross-Appellees v. Commissioner of Internal Revenue, Appellee-Cross-AppellantCourt of Appeals for the Second Circuit · 1976
- Neubecker v. CommissionerUnited States Tax Court · 1975
- Emory K. Crenshaw, as of the Estate of Frances Wood Wilson, Deceased v. United StatesCourt of Appeals for the Fifth Circuit · 1972
- La Rue v. CommissionerUnited States Tax Court · 1988
- Long v. CommissionerUnited States Tax Court · 1978
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