Ely v. Commissioner
United States Tax Court
Held: (1) That $17,845.13 of the total amount received by petitioner upon his retirement or withdrawal from the Acuff Clinic, a medical partnership formed by petitioner and six other doctors in 1947, which retirement or withdrawal was made effective as of September 1, 1950, represents his pro rata share, less withdrawals, of the profits of the partnership for the period January 1 through August 31, 1950, and as such is taxable as ordinary income under the provisions of…
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Held: (1) That $17,845.13 of the total amount received by petitioner upon his retirement or withdrawal from the Acuff Clinic, a medical partnership formed by petitioner and six other doctors in 1947, which retirement or withdrawal was made effective as of September 1, 1950, represents his pro rata share, less withdrawals, of the profits of the partnership for the period January 1 through August 31, 1950, and as such is taxable as ordinary income under the provisions of sections 22(a) and 182 of the Internal Revenue Code of 1939; (2) That the monthly payments on said amount received by…
1Opinion of the Court
James B. Ely and Mary W. Ely v. Commissioner.
Ely v. Commissioner
Docket No. 56220.
United States Tax Court
T.C. Memo 1960-142; 1960 Tax Ct. Memo LEXIS 146; 19 T.C.M. (CCH) 743; T.C.M. (RIA) 60142;
June 30, 1960
Held: (1) That $17,845.13 of the total amount received by petitioner upon his retirement or withdrawal from the Acuff Clinic, a medical partnership formed by petitioner and six other doctors in 1947, which retirement or withdrawal was made effective as of September 1, 1950, represents his pro rata share, less withdrawals, of the profits of the partnership for the period January 1 through…
2Cases cited22 opinions
- Commissioner v. AckerSupreme Court of the United States · 1959
- Helvering v. SmithCourt of Appeals for the Second Circuit · 1937
- Bouche v. CommissionerUnited States Tax Court · 1952
- Tarbox Corp. v. CommissionerUnited States Tax Court · 1946
- Dial v. CommissionerUnited States Tax Court · 1955
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