Legal Opinion
Commissioner of Internal Revenue v. Smith
Court of Appeals for the Fifth Circuit
Decided March 24, 1949No. 12489PublishedCited by 29 opinions
1Opinion of the Court
HOLMES, Circuit Judge.
The taxpayer owned a 65% interest in the partnership business of Hyman Supply Company, a retailer of oil-field supplies in Alice, Texas. On December 31, 1942, he sold his undivided interest in the business to one of the remaining partners and two new persons. The sole question for decision is: Was this sale of the taxpayer’s undivided interest the sale of a capital asset?
It is well settled in Texas that a partner has no separate or exclusive right to any part or portion of the partnership assets, but has a common interest in all of the assets. The ownership of one…
2Cases cited8 opinions
- Williams v. McGowanCourt of Appeals for the Second Circuit · 1945
- Commissioner of Internal Revenue v. ShapiroCourt of Appeals for the Sixth Circuit · 1942
- Thornley v. Commissioners of Internal RevenueCourt of Appeals for the Third Circuit · 1945
- Commissioner of Internal Revenue v. LehmanCourt of Appeals for the Second Circuit · 1948
- Sherk v. First Nat. Bank of HerefordTexas Commission of Appeals · 1918
3 more not listed; retrieve them via the Exa API.
3Cited by29 opinions
- Emmette L. Barran and Martha Barran v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1964
- Swiren v. Commissioner of Internal RevenueCourt of Appeals for the Seventh Circuit · 1950
- Hatch's Estate v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1952
- Woody v. CommissionerUnited States Tax Court · 1952
- United States v. ShapiroCourt of Appeals for the Eighth Circuit · 1949
24 more not listed; retrieve them via the Exa API.