Karsch v. Commissioner
United States Tax Court
Petitioner's distributive share of income of partnership terminated upon his withdrawal and sale of his interest, held taxable to him as ordinary income in his taxable year of termination and payment, notwithstanding that partnership's fiscal year would not otherwise have terminated until following calendar year.
1Opinion of the Court
OPINION.
Opper, Judge:
Under section 182, Internal Revenue Code, a partner is required to include in his net income “whether or not distribution is made to him * * * his distributive share of the ordinary net income of the partnership.” As of July 31,1943, when petitioner for the first time withdrew from the partnership at will of which he was then a member and sold out his interest to his two former associates, there had been a period of six months since the end of the last partnership fiscal year for the accumulation of earnings as to which petitioner was entitled, by virtue of his membership…
2Cases cited5 opinions
- Bull v. United StatesSupreme Court of the United States · 1935
- Helvering v. EubankSupreme Court of the United States · 1941
- Guaranty Trust Co. v. CommissionerSupreme Court of the United States · 1938
- Walsh v. CommissionerUnited States Tax Court · 1946
- Jacobs v. CommissionerUnited States Tax Court · 1946
3Cited by40 opinions
- Standard Paving Co. v. CommissionerUnited States Tax Court · 1949
- Fisher v. CommissionerUnited States Tax Court · 1952
- United States v. SnowCourt of Appeals for the Ninth Circuit · 1955
- Estate of Remington v. CommissionerUnited States Tax Court · 1947
- Sherlock v. CommissionerUnited States Tax Court · 1960
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