Hill v. Commissioner of Internal Revenue

In my view, article XIV of the partnership articles of May 28,1912, effectually prevented the shares of the profits paid to the Soule estate from' being beneficially or for taxation purposes a part of the income of the surviving partners. The Tax Board finds that after Soule’s death on March 18, 1920, “his share in the profits of the business to-which he would have been entitled had he lived was paid to his estate over a period of years in accordance with the terms of the agreement signed May 28, 1912. The profits of the firm were divided month by month the same as before his death and a…