Knapp v. Commissioner
United States Board of Tax Appeals
Where the wife of a member of a partnership in Louisiana dies intestate leaving minor children surviving her the issue of her marriage with the member of the partnership, and such partner informs his partner that it is his wish and desire that his share in the profits of the partnership should thereafter go one-half to himself and one-half to his two minor children, held, that in the circumstances in this case, the partner is liable to income tax upon his entire share of the…
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Where the wife of a member of a partnership in Louisiana dies intestate leaving minor children surviving her the issue of her marriage with the member of the partnership, and such partner informs his partner that it is his wish and desire that his share in the profits of the partnership should thereafter go one-half to himself and one-half to his two minor children, held, that in the circumstances in this case, the partner is liable to income tax upon his entire share of the profits of the partnership.
1Opinion of the Court
*764OPINION.
Smith:
Petitioner was appointed natural tutor to his two minor children upon the death of their mother June 29, 1921. As such tutor he was required by the statutes of Louisiana to administer the property of his wards for their benefit. Included among such property was an undivided one-fourth interest in the partnership of Knapp & East of a value of $10,094.25. The petitioner chose to leave this money invested in the partnership and indicated to his partner and others that it was his wish and desire that his share of the profits of the partnership should thereafter be divided equally…
2Cases cited1 opinion
- Judice v. ProvostSupreme Court of Louisiana · 1866
3Cited by3 opinions
- Field v. CommissionerUnited States Board of Tax Appeals · 1929
- Knapp v. CommissionerUnited States Board of Tax Appeals · 1926
- Lansill v. CommissionerUnited States Board of Tax Appeals · 1929