Smith v. Commissioner
United States Tax Court
Held, that the partnership agreement herein does not provide for a payment with respect to goodwill within the meaning of section 736(b)(2)(B), I.R.C. 1954.
1Opinion of the Court
TraiN, Judge:
Respondent determined a deficiency of $6,992.20 in petitioners’ income tax for 1957.
The only issue presented in this case is whether the gain received by petitioner V. Zay Smith on liquidation of his interest in a partnership is to be taxable as a capital gain or as ordinary income.
FINDINGS OF FACT.
Some of the facts have been stipulated and are found as stipulated.
Petitioners, V. Zay Smith and Ida Mae Smith, husband and wife, reside in Denver, Colorado. For the taxable year 1957 they filed a joint Federal income tax return with the district director of internal revenue at Denver,…
2Cases cited1 opinion
- Commissioner v. LesterSupreme Court of the United States · 1961
3Cited by20 opinions
- Foxman v. CommissionerUnited States Tax Court · 1964
- V. Zay Smith, and Ida Smith v. Commissioner of Internal RevenueCourt of Appeals for the Tenth Circuit · 1963
- Coven v. CommissionerUnited States Tax Court · 1976
- Holman v. CommissionerUnited States Tax Court · 1976
- Jackson Inv. Co. v. CommissionerUnited States Tax Court · 1964
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