McClellan v. Commissioner
United States Board of Tax Appeals
A partner withdrew from a partnership by agreement, though he had not given the notice provided in the articles of copartnership.
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A partner withdrew from a partnership by agreement, though he had not given the notice provided in the articles of copartnership. He received in cash an amount equal to his original capital contribution, increased by his share of the profits during the term of the partnership and diminished by his withdrawals and by losses entailed in the diminution of the value of stock exchange seats and real estate, as reflected in a reserve set up on the partnership books for such assets. The net result being less than the original capital contribution, the difference was claimed by the petitioner as…
1Opinion of the Court
GEORGE R. MCCLELLAN AND MARIE M. MCCLELLAN, PETITIONERS, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
McClellan v. Commissioner
Docket No. 90664.
United States Board of Tax Appeals
42 B.T.A. 124; 1940 BTA LEXIS 1050;
June 18, 1940, Promulgated
A partner withdrew from a partnership by agreement, though he had not given the notice provided in the articles of copartnership. He received in cash an amount equal to his original capital contribution, increased by his share of the profits during the term of the partnership and diminished by his withdrawals and by losses entailed in the diminution of…
2Cases cited1 opinion
- McClellan v. CommissionerUnited States Board of Tax Appeals · 1940