In re the Estate of Spingarn

George Frankenthaler, S.

In 1938 Leopold Spingarn, a member of the New York Stock Exchange, formed a partnership with his nephew to engage in a general stockbrokerage business under the firm name of Leopold Spingarn & Co. The nephew invested no capital in the firm but was to receive a 15% interest in the profits. Subsequent modifications of the partnership agreement increased the nephew’s participation in the profits to 50%. Leopold Spingarn died on July 1, 1951 and *38the partnership then terminated under the terms of the partnership agreement and by operation of law. Thereafter the nephew in…