Sumers v. Commissioner
United States Tax Court
In 1951, petitioner and another radiologist formed a partnership to practice radiology. Petitioner's partnership interest cost him $ 30,000, and he also agreed that the partnership would pay $ 18,000 due on certain equipment and a lease and agreement assigned to it. The lease and agreement, dated July 2, 1941, granted an exclusive right to practice radiology at a hospital.
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In 1951, petitioner and another radiologist formed a partnership to practice radiology. Petitioner's partnership interest cost him $ 30,000, and he also agreed that the partnership would pay $ 18,000 due on certain equipment and a lease and agreement assigned to it. The lease and agreement, dated July 2, 1941, granted an exclusive right to practice radiology at a hospital. The hospital occupied its premises under a lease with a fixed term of 21 years from December 27, 1940, and an additional term of 15 years at the option of the hospital. The lease and agreement of July 2, 1941, ran for the…
1Opinion of the Court
OPINION.
Turner, Judge:
The petitioner, on brief, concedes that the payments made by him to Fulirman in the acquisition of his interest in the Fuhrman-Sumers partnership were capital in nature, and did not constitute allowable deductions for the years in which they were made, as he had claimed on his returns. In keeping with allegations contained in his petition, he now contends that his interest in the said partnership is a dissipating asset, all benefits of which will have been exhausted on December 27, 1961, “the day when the partnership lease at the Hospital expires,” and having thus a life…
2Cases cited7 opinions
- Risko v. CommissionerUnited States Tax Court · 1956
- H. S. Anderson, Jr. v. United StatesCourt of Appeals for the Ninth Circuit · 1956
- Flynn, Harrison & Conroy v. CommissionerUnited States Board of Tax Appeals · 1930
- Silling v. CommissionerUnited States Tax Court · 1957
- Watson v. CommissionerCourt of Appeals for the Seventh Circuit · 1936
2 more not listed; retrieve them via the Exa API.
3Cited by1 opinion
- Sumers v. CommissionerUnited States Tax Court · 1961