Klein v. Commissioner
United States Tax Court
1. Under a partnership agreement, one partner was first to receive 5 per cent of the partnership gross sales, and the remaining partnership net income or net loss was then to be divided between the partners in a 25-75 per cent ratio. During certain years, the first partner was not credited with his percentage of sales; but after threatened litigation, the same was allowed to him in a later year.
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1. Under a partnership agreement, one partner was first to receive 5 per cent of the partnership gross sales, and the remaining partnership net income or net loss was then to be divided between the partners in a 25-75 per cent ratio. During certain years, the first partner was not credited with his percentage of sales; but after threatened litigation, the same was allowed to him in a later year. Held, that the distributive shares of the partners in the undisputed ordinary net income or ordinary net loss of the partnership should be determined in accordance with the partnership agreement; and…
1Opinion of the Court
Frederick S. Klein, Petitioner, v. Commissioner of Internal Revenue, Respondent. Estate of Ross Nadeau, Deceased, John F. McNamee, R. Arthur Nadeau and National State Bank of New Jersey, Co-Executors, Petitioners, v. Commissioner of Internal Revenue, Respondent
Klein v. Commissioner
Docket Nos. 43026, 43464, 46287, 46314
United States Tax Court
25 T.C. 1045; 1956 U.S. Tax Ct. LEXIS 267;
February 17, 1956, Filed
Decisions will be entered under Rule 50.
1. Under a partnership agreement, one partner was first to receive 5 per cent of the partnership gross sales, and the remaining partnership net income…
2Cases cited6 opinions
- Cohan v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1930
- Hellman v. United StatesUnited States Court of Claims · 1930
- Klein v. CommissionerUnited States Tax Court · 1956
- Leola Johnson Bell and David Arthur Bell v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1955
- Schwerin v. CommissionerDistrict Court, District of Columbia · 1944
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