Banfield v. Commissioner
United States Board of Tax Appeals
1. The petitioner and another entered into a partnership agreement in 1929 under which they were to purchase certain wheat lands, leases, equipment, and growing crops in Umatilla County, Oregon. Petitioner made an initial advance to the partnership of $100,000 on which, under the partnership agreement, he was entitled to interest at 6 1/2 percent per annum prior to any division of profits.
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1. The petitioner and another entered into a partnership agreement in 1929 under which they were to purchase certain wheat lands, leases, equipment, and growing crops in Umatilla County, Oregon. Petitioner made an initial advance to the partnership of $100,000 on which, under the partnership agreement, he was entitled to interest at 6 1/2 percent per annum prior to any division of profits. Thereafter, and prior to 1935, the petitioner made further advances to the partnership aggregating approximately $170,000. The net profits of the partnership for the years 1935, 1936, and 1937, were less…
1Opinion of the Court
Disney:
These proceedings, consolidated for hearing, involve income tax deficiencies for the years 1935, 1936, and 1937 of $1,648.18, $3,540.75, and $6,824.69, respectively. By reason of matters affirmatively pleaded in an amended answer in Docket No. 93313, the respondent claims an increased deficiency for 1935 of $4,552.70.
The questions in issue are:(1) Whether the petitioner is taxable on the entire net income of the partnership of Collins & Banfield for the years 1935, 1936, and 1937, as contended by the respondent, or upon only one-half of the net income, as contended by the…
2Cases cited5 opinions
- Ferguson v. KabothOregon Supreme Court · 1903
- Hoskins v. DwightOregon Supreme Court · 1914
- Port of Seattle v. Yesler EstateWashington Supreme Court · 1915
- Covey Motor Car Co. v. HurlburtOregon Supreme Court · 1922
- Parker v. Commissioner of Corporations & TaxationMassachusetts Supreme Judicial Court · 1926
3Cited by3 opinions
- Edward R. Bacon Co. v. CommissionerUnited States Tax Court · 1945
- Banfield v. CommissionerUnited States Board of Tax Appeals · 1940
- Johnson County Realty Co. v. CommissionerUnited States Board of Tax Appeals · 1941