Planters Gin Co. v. Commissioner
United States Board of Tax Appeals
A four-party partnership was terminated by the death of one of its members. Thereafter two of the surviving partners acquired the interest of the deceased member from his estate for less than its book value at date of decedent's death.
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A four-party partnership was terminated by the death of one of its members. Thereafter two of the surviving partners acquired the interest of the deceased member from his estate for less than its book value at date of decedent's death. A new partnership was formed to which each of the surviving partners contributed his interest in the prior partnership and to which two of the members contributed the share of the deceased partner which they had acquired for less than its value on the books of such prior partnership. Thereafter all the assets of the second partnership were transferred to the…
1Opinion of the Court
PLANTERS GIN COMPANY, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Planters Gin Co. v. Commissioner
Docket No. 46299.
United States Board of Tax Appeals
28 B.T.A. 22; 1933 BTA LEXIS 1200;
May 4, 1933, Promulgated
A four-party partnership was terminated by the death of one of its members. Thereafter two of the surviving partners acquired the interest of the deceased member from his estate for less than its book value at date of decedent's death. A new partnership was formed to which each of the surviving partners contributed his interest in the prior partnership and to which two of…
2Cases cited1 opinion
- Planters Gin Co. v. CommissionerUnited States Board of Tax Appeals · 1933