Maxcy v. Commissioner
United States Tax Court
Petitioner James G. Maxcy, his brother, Von, and sister, Elizabeth, were partners in certain businesses. The partnerships in question had taxable years ending July 31. Von died on Oct. 3, 1966. The final agreement relating to the acquisition by James of Von's and Elizabeth's interests was executed on Feb. 26, 1968. Petitioners claimed the partnerships terminated on the death of Von and were thereafter operated as sole proprietorships by James.
Read the full summary
Petitioner James G. Maxcy, his brother, Von, and sister, Elizabeth, were partners in certain businesses. The partnerships in question had taxable years ending July 31. Von died on Oct. 3, 1966. The final agreement relating to the acquisition by James of Von's and Elizabeth's interests was executed on Feb. 26, 1968. Petitioners claimed the partnerships terminated on the death of Von and were thereafter operated as sole proprietorships by James. Held, the partnerships did not terminate until Feb. 26, 1968, and petitioners are entitled to deduct only James' pro rata share of the losses of the…
1Opinion of the Court
James G. Maxcy and Louise C. Maxcy, Petitioners v. Commissioner of Internal Revenue, Respondent
Maxcy v. Commissioner
Docket No. 870-71
United States Tax Court
59 T.C. 716; 1973 U.S. Tax Ct. LEXIS 167; 59 T.C. No. 71;
March 1, 1973, Filed
Decision for all years will be entered under Rule 50. 15
Petitioner James G. Maxcy, his brother, Von, and sister, Elizabeth, were partners in certain businesses. The partnerships in question had taxable years ending July 31. Von died on Oct. 3, 1966. The final agreement relating to the acquisition by James of Von's and Elizabeth's interests was executed on Feb. 26,…
2Cases cited40 opinions
- Lewis v. ReynoldsSupreme Court of the United States · 1932
- Shomaker v. CommissionerUnited States Tax Court · 1962
- Foxman v. CommissionerUnited States Tax Court · 1964
- Merrill v. CommissionerUnited States Tax Court · 1963
- Floyd R. Clodfelter and Enna L. Clodfelter v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1970
35 more not listed; retrieve them via the Exa API.