Estate of Etoll v. Commissioner
United States Tax Court
In 1973, Etoll collected the accounts receivable of his dissolved partnership. Relying on a 1960 partnership agreement, he claimed entitlement to 100 percent of the receivables. The funds were deposited into an account from which Etoll, alone, was authorized to make withdrawals or were used by Etoll to pay personal expenses. Etoll's two former partners brought suit against him, seeking a portion of the collected receivables.
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In 1973, Etoll collected the accounts receivable of his dissolved partnership. Relying on a 1960 partnership agreement, he claimed entitlement to 100 percent of the receivables. The funds were deposited into an account from which Etoll, alone, was authorized to make withdrawals or were used by Etoll to pay personal expenses. Etoll's two former partners brought suit against him, seeking a portion of the collected receivables. In 1978, a New York State court held Etoll was entitled to only 40 percent of the receivables, and the other partners were each entitled to 30 percent. Held, in…
1Opinion of the Court
Estate of Fred A. Etoll, Sr., Deceased, Fred A. Etoll, Jr., Executor, and Freda E. Etoll, Petitioners v. Commissioner of Internal Revenue, Respondent
Estate of Etoll v. Commissioner
Docket No. 7611-76
United States Tax Court
79 T.C. 676; 1982 U.S. Tax Ct. LEXIS 27; 79 T.C. No. 43;
October 26, 1982, Filed
Decision will be entered for the respondent.
In 1973, Etoll collected the accounts receivable of his dissolved partnership. Relying on a 1960 partnership agreement, he claimed entitlement to 100 percent of the receivables. The funds were deposited into an account from which Etoll, alone, was…
2Cases cited1 opinion
- Estate of Etoll v. CommissionerUnited States Tax Court · 1982