American Bank & Trust Co. v. Department of Revenue

We conclude that the circuit court properly held that Tree’s partnerhip earnings that accrued prior to his death, but were undistributed at the date of death, were taxable 1 as income under secs. 71.03 (1) (k) 2 and 71.08 (1) (a) and (b), 3 Stats. 1963.

The appellant-executor, construing sec. 71.08 (1) (a), Stats. 1963, argues that there was no income “received” by Charles Tree, and, therefore, it was not includable in a return for income tax purposes.

This argument ignores the plain meaning of other statutes then in effect. Sec. 71.03 (1) (k), Stats. 1963, provided in part:

“There shall be…