Panero v. Commissioner
United States Tax Court
A limited partnership of professional engineers, having one general partner, continued to operate after his death. His estate contends that such continuing operations were unlawful under New York law and that therefore the partnership terminated and its year closed with his death so that his estate could claim a net operating loss for decedent's last (short) taxable year under sec. 706(a), I.R.C. 1954. Held, petitioners' position is not well taken because: 1. The limited…
Read the full summary
A limited partnership of professional engineers, having one general partner, continued to operate after his death. His estate contends that such continuing operations were unlawful under New York law and that therefore the partnership terminated and its year closed with his death so that his estate could claim a net operating loss for decedent's last (short) taxable year under sec. 706(a), I.R.C. 1954. Held, petitioners' position is not well taken because: 1. The limited partners who continued the conduct of partnership's affairs were licensed professional engineers and consequently their…
1Opinion of the Court
Estate of Guy B. Panero, Deceased, Anna McCormick Panero and Guy Arthur Panero, Executors, and Anna McCormick Panero, Surviving Spouse, Petitioners v. Commissioner of Internal Revenue, Respondent
Panero v. Commissioner
Docket No. 1442-65
United States Tax Court
48 T.C. 147; 1967 U.S. Tax Ct. LEXIS 109;
May 9, 1967, Filed
Decision will be entered for the respondent.
A limited partnership of professional engineers, having one general partner, continued to operate after his death. His estate contends that such continuing operations were unlawful under New York law and that therefore the partnership…
2Cases cited7 opinions
- Guaranty Trust Co. v. CommissionerSupreme Court of the United States · 1938
- Continental National Bank of Boston v. StraussNew York Court of Appeals · 1893
- Executive Hotel Associates v. Elm Hotel Corp.Civil Court of the City of New York · 1964
- Riviera Congress Associates v. YasskyAppellate Division of the Supreme Court of the State of New York · 1966
- First National Bank v. WhitneyNew York Supreme Court · 1871
2 more not listed; retrieve them via the Exa API.