Foxman v. Commissioner
United States Tax Court
1. Held, petitioner J on May 21, 1957, "sold" his one-third interest in a partnership to his two partners, petitioners F and G, under section 741, I.R.C. 1954. The transaction did not constitute a "liquidation" of J's interest under sections 736 and 761(d). 2. Held, amount of J's share of distributive partnership income for the short fiscal period March 1-May 21, 1957, determined to be $ 16,790 in accordance with final agreement among partners which modified to that extent…
Read the full summary
1. Held, petitioner J on May 21, 1957, "sold" his one-third interest in a partnership to his two partners, petitioners F and G, under section 741, I.R.C. 1954. The transaction did not constitute a "liquidation" of J's interest under sections 736 and 761(d). 2. Held, amount of J's share of distributive partnership income for the short fiscal period March 1-May 21, 1957, determined to be $ 16,790 in accordance with final agreement among partners which modified to that extent the prior partnership agreement. Sec. 761(c). 3. Held, partnership did not "terminate" on June 2, 1958, as a result of…
1Opinion of the Court
OPINION
Raum, Judge:
1. Tax consequences of termination of Jacdbowitz’s interest in Abbey; the agreement of May 21, 1957. — On May 21, 1957, Jacobowitz’s status as a partner in Abbey came to an end pursuant to an agreement executed on that day. The first issue before us is whether Jacobowitz thus made a “sale” of his partnership interest to Foxman and Grenell within section 7412 of the 1954 Code, as contended by him, or whether the payments to him required by the agreement are to be regarded as “made in liquidation” of his interest within section 736,3 as contended by Foxman and Grenell.…
2Cases cited8 opinions
- Lewis v. CommissionerUnited States Tax Court · 1960
- Barran v. CommissionerUnited States Tax Court · 1962
- Karan v. CommissionerCourt of Appeals for the Seventh Circuit · 1963
- Hellman v. United StatesUnited States Court of Claims · 1930
- Smith v. CommissionerUnited States Tax Court · 1962
3 more not listed; retrieve them via the Exa API.
3Cited by90 opinions
- Rhone-Poulenc Surfactants & Specialties, L.P. v. CommissionerUnited States Tax Court · 2000
- Bernard D. Spector v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1981
- Norman and Arlene Rodman, Appellants-Cross-Appellees v. Commissioner of Internal Revenue, Appellee-Cross-AppellantCourt of Appeals for the Second Circuit · 1976
- Quick Trust v. CommissionerUnited States Tax Court · 1970
- Moore v. CommissionerUnited States Tax Court · 1978
85 more not listed; retrieve them via the Exa API.