Kyle v. Commissioner
United States Board of Tax Appeals
1. The petitioners, attorneys at law, making their returns on the cash receipts basis, performed numerous separate legal services for a dealer in coal properties, such services extending over a period from 1909 to 1915, when their client's affairs were placed in the hands of receivers. In the latter year the petitioners acquired a judgment for the value of their services and interest.
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1. The petitioners, attorneys at law, making their returns on the cash receipts basis, performed numerous separate legal services for a dealer in coal properties, such services extending over a period from 1909 to 1915, when their client's affairs were placed in the hands of receivers. In the latter year the petitioners acquired a judgment for the value of their services and interest. The judgment, plus interest to date of payment, was paid in cash in 1920 and the Commissioner determined that the entire amount received in cash was income to the petitioners for that year. Held, that the…
1Opinion of the Court
*1249OPINION.
Muedock:
The petitioners contend that the respondent erred in determining that the entire amount of $24,820.27 received in cash by the partnership in 1920, as payment of its judgment and interest thereon, was income for the year 1920 to the partnership and to the petitioners to the extent of their pro rata share. It is their position that of the amount so received only that portion which represented interest upon the judgment from the date on which the judgment was entered was partnership and individual income during the taxable year.
As to that portion of the amount received which…
2Cases cited11 opinions
- Wisconsin v. Pelican InsuranceSupreme Court of the United States · 1888
- Boynton v. BallSupreme Court of the United States · 1887
- Provident Savings Life Assurance Society v. FordSupreme Court of the United States · 1885
- West Republic Mining Co. v. Jones & LaughlinsSupreme Court of Pennsylvania · 1885
- United States v. GuinzburgCourt of Appeals for the Second Circuit · 1921
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3Cited by3 opinions
- Estate of Lynch v. CommissionerUnited States Tax Court · 1944
- Kyle v. CommissionerUnited States Board of Tax Appeals · 1929
- Ryan v. CommissionerUnited States Tax Court · 1949