Myers v. Commissioner
United States Tax Court
1. Held, where principal petitioner, as retiring partner, as of March 31, 1955, sold his interest in a partnership, which kept its books and filed its returns of income on an accrual basis and fiscal year ending September 30, for an amount which included his proportionate share of the partnership's net profits for the period October 1, 1954, to March 31, 1955, the amount of his share of such net profits constitutes ordinary income for his taxable period January 1 to June 30,…
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1. Held, where principal petitioner, as retiring partner, as of March 31, 1955, sold his interest in a partnership, which kept its books and filed its returns of income on an accrual basis and fiscal year ending September 30, for an amount which included his proportionate share of the partnership's net profits for the period October 1, 1954, to March 31, 1955, the amount of his share of such net profits constitutes ordinary income for his taxable period January 1 to June 30, 1955. 2. Held, further, claimed deductions for business loss and travel expenses for petitioner's taxable period…
1Opinion of the Court
Scott, Judge:
Respondent determined deficiencies in petitioners’ income tax for the taxable period January 1, 1955, to June 30, 1955, and the taxable year ended June 30,1956, in the amounts of $14,088.49 and $488.81, respectively, and an addition to the tax under the provisions of section 6654 of the Internal Revenue Code of 1954 for the taxable period January 1, 1955, to June 30, 1955, in the amount of $80.45.
The issues for decision are:(1) Whether petitioners received additional income of $22,314.72 as the distributive share of Hyman Myers of partnership income from Lakeland Door Co. for the…
2Cases cited7 opinions
- Commissioner v. P. G. Lake, Inc.Supreme Court of the United States · 1958
- Frank v. CommissionerUnited States Tax Court · 1953
- Meyer v. United StatesCourt of Appeals for the Seventh Circuit · 1954
- United States v. ShapiroCourt of Appeals for the Eighth Circuit · 1949
- Bruce W. Hulbert v. Commissioner of Internal Revenue, Charles H. Edwards v. Commissioner of Internal RevenueCourt of Appeals for the Seventh Circuit · 1955
2 more not listed; retrieve them via the Exa API.
3Cited by5 opinions
- Haft v. CommissionerUnited States Tax Court · 1963
- Shiekh v. Comm'rUnited States Tax Court · 2010
- Eckel v. CommissionerUnited States Tax Court · 1974
- Haft v. CommissionerUnited States Tax Court · 1963
- Myers v. CommissionerUnited States Tax Court · 1962