Smith v. Commissioner

NORTHCOTT, Circuit Judge.

This is a petition to review a decision of the United States Board of Tax Appeals, involving income tax assessed against the estate of Richard H. Lynch, for the year 1927, in the amount of $13,232.56. The findings of fact and opinion of the Board of Tax Appeals are reported in 26 B. T. A. 778. The facts as fomid by the Board are as follows:

“Richard H. Lynch was a special, or limited, partner in the brokerage firm of Merrill, Lynch & Company. He kept his accounts and filed his income-tax returns on the cash receipts and disbursements basis for the calendar year. The…