Nahman v. Commissioner
United States Board of Tax Appeals
In 1922 and 1923 the petitioner was a member of a partnership engaged in an export brokerage business. The partnership was dissolved in 1924, and the books of account abandoned. The Commissioner determined deficiencies due from the petitioner upon the basis that the partnership realized a taxable income in 1922 and 1923 of 2 per cent on the sales. Held that the petitioner's returns for 1922 and 1923 properly reflected his distributable portion of the partnership profits.
1Opinion of the Court
*123OPINION.
Smith:
The principal question presented by this proceeding is the net income of the partnership of American Co. for International Commerce for the years 1922 and 1923. The returns filed by the partnership show the net profits to be $17,119.68 and $6,672.59, one-half of which belonged to petitioner and one-half to his partner, one Modiano. The respondent audited these returns in 1926 and, inasmuch as he was not able to find the books of account of the partnership from which the accuracy of the returns could be determined, he assumed that the partnership made a net profit of at least 2…
2Cited by7 opinions
- Adam, Meldrum & Anderson Co. v. CommissionerUnited States Board of Tax Appeals · 1933
- Miller v. CommissionerUnited States Tax Court · 1951
- Hall v. CommissionerUnited States Tax Court · 1953
- Markovits v. CommissionerUnited States Tax Court · 1952
- Nahman v. CommissionerUnited States Board of Tax Appeals · 1930
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