Merton T. Straight, Merton T. Straight and Elizabeth Straight v. Commissioner of Internal Revenue

WOODROUGH, Ciruit Judge.

This petition for review involves income taxes for the years 1947 and 1948 and seeks reversal of the decisions and orders of the Tax Court reported together with the findings of fact at 21 T.C. 1008.

It appears that on September 17, 1943, one II. R. Straight and taxpayer Merton T. Straight as general partners, and a number of other persons as limited partners, executed a “Limited Partnership Indenture”, by the terms of which the parties mutually convenanted to become partners in the business of erecting and operating a soybean processing plant under the name of Iowa…