Estate of Knipp v. Commissioner

I agree with that part of the decision of the Court which relates to the estate tax, but respectfully dissent from its holding that the earnings of the partnership were taxable as income to the partners for the year 1947, and not at the end of the partnership’s fiscal year in 1948. Sec. 188 of the Revenue Code of 1939, which is the section applicable here, provides:

“If the taxable year of a partner is different from that of the partnership, the inclusions with respect to the net income of the partnership, in computing the net income of the partner for his taxable year, shall be based upon the…