Klein v. Commissioner
United States Tax Court
1. Under a partnership agreement, one partner was first to receive 5 per cent of the partnership gross sales, and the remaining partnership net income or net loss was then to be divided between the partners in a 25-75 per cent ratio. During certain years, the first partner was not credited with his percentage of sales; but after threatened litigation, the same was allowed to him in a later year.
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1. Under a partnership agreement, one partner was first to receive 5 per cent of the partnership gross sales, and the remaining partnership net income or net loss was then to be divided between the partners in a 25-75 per cent ratio. During certain years, the first partner was not credited with his percentage of sales; but after threatened litigation, the same was allowed to him in a later year. Held, that the distributive shares of the partners in the undisputed ordinary net income or ordinary net loss of the partnership should be determined in accordance with the partnership agreement; and…
1Opinion of the Court
OPINION.
Pierce, Judge:
1. The first issue involves a dispute between Na-deau’s executors and Klein as to the determination of the distributive shares of the partners in the ordinary net income or ordinary net loss of the Glider Blade Company. There is no controversy as to the amounts of such partnership net income or net loss for any of the periods involved; and also no dispute as to the amounts of the partnership’s gross sales for these periods, which are here a factor hi the determination of the distributive shares. Moreover, there appears to be no dispute that the amended partnership…
2Cases cited5 opinions
- Cohan v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1930
- Hellman v. United StatesUnited States Court of Claims · 1930
- Leola Johnson Bell and David Arthur Bell v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1955
- Schwerin v. CommissionerDistrict Court, District of Columbia · 1944
- Travelers Fire Ins. v. TaylorCourt of Appeals for the Fifth Circuit · 1948
3Cited by16 opinions
- Woody v. CommissionerUnited States Tax Court · 1990
- Cliff C. Wilson v. The United StatesUnited States Court of Claims · 1967
- John E. Rogers & Frances L. Rogers v. CommissionerUnited States Tax Court · 2018
- McLauchlan v. Comm'rUnited States Tax Court · 2011
- Curran v. CommissionerUnited States Tax Court · 1984
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