Rosenbaum v. Commissioner
United States Tax Court
Compromise settlements whereby senior partners released junior partners from liability for losses sustained in prior years, and juniors relinquished rights to profits in a liquidating account arising out of a former partnership and operated as a joint venture, held to be readjustments of interests in the venture and did not give rise to allowable deductions to the senior partners for income tax purposes.
1Opinion of the Court
George D. Rosenbaum, Petitioner, v. Commissioner of Internal Revenue, Respondent. Alfred Louis Stamm, Petitioner, v. Commissioner of Internal Revenue, Respondent
Rosenbaum v. Commissioner
Docket Nos. 21840, 21841
United States Tax Court
18 T.C. 35; 1952 U.S. Tax Ct. LEXIS 227;
April 7, 1952, Promulgated
Decisions will be entered under Rule 50.
Compromise settlements whereby senior partners released junior partners from liability for losses sustained in prior years, and juniors relinquished rights to profits in a liquidating account arising out of a former partnership and operated as a joint venture,…
2Cases cited1 opinion
- Rosenbaum v. CommissionerUnited States Tax Court · 1952