Curtis v. Commissioner
United States Tax Court
Petitioner, member of a brokerage partnership, undertook personally to assure other partners certain minimum drawing accounts each year, whether or not there were sufficient profits. To the extent that he was required to pay these amounts, he was to have a prior claim on partnership profits in any subsequent year when profits were available.
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Petitioner, member of a brokerage partnership, undertook personally to assure other partners certain minimum drawing accounts each year, whether or not there were sufficient profits. To the extent that he was required to pay these amounts, he was to have a prior claim on partnership profits in any subsequent year when profits were available. In 1942 petitioner was required to and did, make such payments, which resulted in his expending over $ 19,000 more than he received from the business. In 1943, the profits of the business being adequate, his prior claim was recognized and his…
1Opinion of the Court
John G. Curtis, Petitioner, v. Commissioner of Internal Revenue, Respondent
Curtis v. Commissioner
Docket No. 17069
United States Tax Court
12 T.C. 810; 1949 U.S. Tax Ct. LEXIS 192;
May 23, 1949, Promulgated
Decision will be entered for the respondent.
Petitioner, member of a brokerage partnership, undertook personally to assure other partners certain minimum drawing accounts each year, whether or not there were sufficient profits. To the extent that he was required to pay these amounts, he was to have a prior claim on partnership profits in any subsequent year when profits were available. In 1942…
Also in this document: Dissent.
2Cases cited8 opinions
- Burnet v. Sanford & Brooks Co.Supreme Court of the United States · 1931
- United States v. S. S. White Dental Manufacturing Co.Supreme Court of the United States · 1927
- Security Flour Mills Co. v. CommissionerSupreme Court of the United States · 1944
- Lewellyn v. Electric Reduction Co.Supreme Court of the United States · 1927
- Heiner v. MellonSupreme Court of the United States · 1938
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