Theurkauf v. Commissioner
United States Tax Court
Petitioner was the sole owner of a corporation in which capital was an important and necessary factor. In 1936 he decided to dissolve the corporation and form a partnership. On October 9, 1936, he made a gift of one-half the stock to his wife. The gift was irrevocable and complete and no conditions of any kind were attached to it.
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Petitioner was the sole owner of a corporation in which capital was an important and necessary factor. In 1936 he decided to dissolve the corporation and form a partnership. On October 9, 1936, he made a gift of one-half the stock to his wife. The gift was irrevocable and complete and no conditions of any kind were attached to it. On October 31, 1936, the corporation was liquidated and dissolved and the corporation, joined by petitioner and his wife as sole owners of the corporate assets, transferred them to a newly organized partnership in which petitioner and his wife and two employees were…
1Opinion of the Court
OPINION.
Black, Judge:
There is but one issue in this proceeding, and that is whether for income tax purposes Frances G. Theurkauf should be recognized in the taxable year 1944 as a partner in the partnership of F. A. Marsily & Co. The Commissioner does not dispute that a partnership under that name existed and he has recognized Frances G. Theurkauf and James E. Kearney as partners, but has refused to give recognition to the interest claimed by Frances and has taxed her claimed interest in the partnership profits to her husband, the petitioner herein. The Commissioner contends that the instant…
2Cases cited3 opinions
- Commissioner v. CulbertsonSupreme Court of the United States · 1949
- Commissioner v. TowerSupreme Court of the United States · 1946
- Delchamps v. CommissionerUnited States Tax Court · 1949
3Cited by11 opinions
- Stern v. CommissionerUnited States Tax Court · 1950
- Apt v. BirminghamDistrict Court, N.D. Iowa · 1950
- Miller v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 1950
- Willett v. CommissionerUnited States Tax Court · 1958
- Willett v. CommissionerUnited States Tax Court · 1957
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