Anderson v. Commissioner
United States Tax Court
As a distributee of his father's estate the petitioner became entitled to receive two-thirds of the balance due the estate from a stock brokerage partnership of which his father was a member and which was dissolved by his death. Among the assets of the dissolved partnership was a debt owed to the partnership by one of the partners.
Read the full summary
As a distributee of his father's estate the petitioner became entitled to receive two-thirds of the balance due the estate from a stock brokerage partnership of which his father was a member and which was dissolved by his death. Among the assets of the dissolved partnership was a debt owed to the partnership by one of the partners. This debt became worthless in 1941 and in his income tax return for that year the petitioner deducted what he claimed was his pro rata share of the worthless debt, which deduction was disallowed by the respondent in the determination of the deficiency. Held, that…
1Opinion of the Court
Edgar V. Anderson, Petitioner, v. Commissioner of Internal Revenue, Respondent
Anderson v. Commissioner
Docket No. 5625
United States Tax Court
5 T.C. 482; 1945 U.S. Tax Ct. LEXIS 119;
July 20, 1945, Promulgated
Decision will be entered for the respondent.
As a distributee of his father's estate the petitioner became entitled to receive two-thirds of the balance due the estate from a stock brokerage partnership of which his father was a member and which was dissolved by his death. Among the assets of the dissolved partnership was a debt owed to the partnership by one of the partners. This debt…
2Cases cited3 opinions
- Guggenheim v. HelveringCourt of Appeals for the Second Circuit · 1941
- Kohn v. CommissionerUnited States Board of Tax Appeals · 1929
- Anderson v. CommissionerUnited States Tax Court · 1945