Effler v. Commissioner
United States Board of Tax Appeals
Held, upon the evidence, that a portion of petitioner's share of partnership earnings which was actually distributed to petitioner after actual receipt of the whole of such earnings by the partnership was taxable to the petitioner in the year in which it was distributed, notwithstanding that out of deference to another of the partners such portion was in that year placed in trust for the protection of such other partner against certain contingent liabilities, the petitioner…
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Held, upon the evidence, that a portion of petitioner's share of partnership earnings which was actually distributed to petitioner after actual receipt of the whole of such earnings by the partnership was taxable to the petitioner in the year in which it was distributed, notwithstanding that out of deference to another of the partners such portion was in that year placed in trust for the protection of such other partner against certain contingent liabilities, the petitioner all the while receiving and returning the income from the corpus of the trust.
1Opinion of the Court
ERWIN R. EFFLER, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Effler v. Commissioner
Docket No. 50160.
United States Board of Tax Appeals
29 B.T.A. 784; 1934 BTA LEXIS 1478;
January 17, 1934, Promulgated
Held, upon the evidence, that a portion of petitioner's share of partnership earnings which was actually distributed to petitioner after actual receipt of the whole of such earnings by the partnership was taxable to the petitioner in the year in which it was distributed, notwithstanding that out of deference to another of the partners such portion was in that year placed in trust…
2Cases cited1 opinion
- Effler v. CommissionerUnited States Board of Tax Appeals · 1934