Kresser v. Commissioner
United States Tax Court
Petitioners held interests in two partnerships. Prior to 1965 each partner was allocated a distributive share of the partnerships' income in accordance with his percentage interest in such partnerships.
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Petitioners held interests in two partnerships. Prior to 1965 each partner was allocated a distributive share of the partnerships' income in accordance with his percentage interest in such partnerships. One W. H. Appleton, another partner, was the dominant figure in these partnerships and had a large net operating loss carryover that would expire by the end of 1965. In order to permit him to take advantage of that carryover, a "Board of Governors" that was concerned with various Appleton enterprises voted to allocate all of the 1965 income in the two partnerships to Appleton. In return it was…
1Opinion of the Court
OPINION
Raum:, Judge:
The Commissioner determined that the so-called allocation of all of the 1965 income of the Canon Manor and Westview Meadows partnerships to W. H. Appleton did not relieve the petitioner-partners of their obligation to account for their distributive shares of such income computed in accordance with their percentage interests in those enterprises. Petitioners, on the other hand, contend that the partnership agreements were modified as a result of the decision reached at the December 2, 1965, meeting of the “Board of Governors of the W. H. Appleton Developments,” and that, as…
2Cases cited7 opinions
- Commissioner v. Court Holding Co.Supreme Court of the United States · 1945
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- Pollack v. CommissionerUnited States Tax Court · 1966
- Foxman v. CommissionerUnited States Tax Court · 1964
- William E. Brock, Secretary of Labor, United States Department of Labor v. The Claridge Hotel and CasinoCourt of Appeals for the Third Circuit · 1988
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3Cited by24 opinions
- Davis v. CommissionerUnited States Tax Court · 1980
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- Holladay v. CommissionerUnited States Tax Court · 1979
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