Lehman v. Commissioner
United States Tax Court
Under a partnership agreement petitioners on a calendar year basis became entitled as of the end of the partnership fiscal year, March 31, 1948, to credits totaling $ 10,000 on the partnership books, this sum to be deducted from the capital accounts of the other partners. The credits were made to petitioners' capital accounts and the book entries were actually made on November 1, 1948. Held, the $ 10,000 was income to petitioners in 1948.
1Opinion of the Court
Harry W. and Florence Lehman, Petitioners, v. Commissioner of Internal Revenue, Respondent
Lehman v. Commissioner
Docket No. 34280
United States Tax Court
19 T.C. 659; 1953 U.S. Tax Ct. LEXIS 259;
January 16, 1953, Promulgated
Decision will be entered for the respondent.
Under a partnership agreement petitioners on a calendar year basis became entitled as of the end of the partnership fiscal year, March 31, 1948, to credits totaling $ 10,000 on the partnership books, this sum to be deducted from the capital accounts of the other partners. The credits were made to petitioners' capital accounts and…
2Cases cited2 opinions
- Lehman v. CommissionerUnited States Tax Court · 1953
- Rosenbaum v. CommissionerUnited States Tax Court · 1952