Carroll v. Commissioner
United States Board of Tax Appeals
1. PARTNERSHIP - GIFT - DEPLETION. - Where one member of a partnership owning timber lands makes a gift of a part of his interest in the partnership to his children and thereupon a new partnership is formed, with the children taken in as partners, the new partnership having the same assets as the old, no new basis arises for the allowance for depletion of timber, but it remains as before.
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1. PARTNERSHIP - GIFT - DEPLETION. - Where one member of a partnership owning timber lands makes a gift of a part of his interest in the partnership to his children and thereupon a new partnership is formed, with the children taken in as partners, the new partnership having the same assets as the old, no new basis arises for the allowance for depletion of timber, but it remains as before. Henry Wilson,16 B.T.A. 1280, followed. 2. TIMBER - CAPITAL ASSET - CAPITAL GAINS. - Where a partnership engaged in the manufacture and sale of lumber at wholesale was the owner of extensive tracts of…
1Opinion of the Court
*69OPINION.
Black:
There are two issues in this proceeding and petitioners state them in their brief as follows:(1) Shall the petitioners, who were recipients of a gift on September 15, 1919, of an interest in the assets of the partnership of W. T. Carter and Bro., be denied a computation for depletion of the new partnership’s timber which gives due consideration to the value of such timber on the day of the gift.(2) Shall the petitioners each be denied the election to compute the tax on his or her share of partnership profits derived from the sale by a manufacturer of lumber (not a corporation)…
2Cited by8 opinions
- Crowell Land and Mineral Corporation v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1957
- Journal-Tribune Publishing Co. v. CommissionerUnited States Tax Court · 1962
- Jantzer v. CommissionerUnited States Tax Court · 1959
- Planters Gin Co. v. CommissionerUnited States Board of Tax Appeals · 1933
- Fritz v. CommissionerUnited States Board of Tax Appeals · 1933
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