Blum v. Commissioner
United States Tax Court
1. For a number of years prior to 1940 petitioners, who were brothers, were equal partners in a wholesale men's furnishings business. On October 31, 1940, they agreed, in consideration of the payment of $ 16,500 by one brother to the other and the assumption by the former of the partnership liabilities, that the partnership should be dissolved, and the retiring partner assigned to his brother all his right, title, and interest in the business and in the assets.
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1. For a number of years prior to 1940 petitioners, who were brothers, were equal partners in a wholesale men's furnishings business. On October 31, 1940, they agreed, in consideration of the payment of $ 16,500 by one brother to the other and the assumption by the former of the partnership liabilities, that the partnership should be dissolved, and the retiring partner assigned to his brother all his right, title, and interest in the business and in the assets. The remaining brother thereafter conducted the business as an individual, making no change in the books to reflect the cost of the…
1Opinion of the Court
Nathan Blum, Petitioner, v. Commissioner of Internal Revenue, Respondent. Louis A. Blum, Petitioner, v. Commissioner of Internal Revenue, Respondent
Blum v. Commissioner
Docket Nos. 4627, 4628
United States Tax Court
5 T.C. 702; 1945 U.S. Tax Ct. LEXIS 86;
September 12, 1945, Promulgated
Decisions will be entered for the respondent.
1. For a number of years prior to 1940 petitioners, who were brothers, were equal partners in a wholesale men's furnishings business. On October 31, 1940, they agreed, in consideration of the payment of $ 16,500 by one brother to the other and the assumption by the…
2Cases cited5 opinions
- Heiner v. MellonSupreme Court of the United States · 1938
- Thornley v. CommissionerUnited States Tax Court · 1943
- Blum v. CommissionerUnited States Tax Court · 1945
- Smith v. CommissionerUnited States Tax Court · 1945
- Fawcett v. CommissionerUnited States Tax Court · 1944