City Bank Farmers Trust Co. v. Commissioner
United States Board of Tax Appeals
The decedent was a member of a partnership which made its income tax returns upon the basis of cash receipts and disbursements.
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The decedent was a member of a partnership which made its income tax returns upon the basis of cash receipts and disbursements. The partnership agreement provided that the death of a partner should not effect a dissolution of the partnership, but that the partnership should be continued for a period of six months thereafter, and that the estate of the deceased partner for such period and "as payment for the good will of the deceased partner in the practice" should share in the income and expenses of the firm to the same extent that he would have done if he had lived. Subsequent to the death…
1Opinion of the Court
*193OPINION.
Smith :
Were it not for the fact that the partnership agreement between Burroughs & Brown specifically provided that the death of one of the partners should not effect a dissolution of the partnership, no fair contention could be made by the respondent, we think, that any portion of the $67,701.56 in issue in this proceeding constituted taxable income of the estate during the period of administration or settlement of the estate, as provided by the statute; for the amount received by the estate from June 20 to December 31, 1929, was less than the value of the decedent’s interest in the…
2Cases cited7 opinions
- Stem v. . WarrenNew York Court of Appeals · 1920
- Stewart v. . RobinsonNew York Court of Appeals · 1889
- Loose v. CommissionerUnited States Board of Tax Appeals · 1929
- Vanderbilt v. CommissionerUnited States Board of Tax Appeals · 1928
- Woodward v. . New York Railways CompanyNew York Court of Appeals · 1917
2 more not listed; retrieve them via the Exa API.
3Cited by1 opinion
- City Bank Farmers Trust Co. v. CommissionerUnited States Board of Tax Appeals · 1933