Lenney v. Commissioner
United States Tax Court
The gain realized by petitioner John W. Lenney on the sale and transfer by Lenney on May 12, 1953, was long-term capital gain from the sale of a partnership interest and not ordinary income from the sale and transfer of partnership assets.
1Opinion of the Court
OPINION.
Arundell, Judge:
Respondent determined a deficiency in income tax for the calendar year 1953 in the amount of $34,525.87.
Petitioners assign as error the following:
In determining the tax liability of petitioners for the calendar year 1953, the Commissioner erroneously converted a long-term capital gain realized from the sale by petitioners of a partnership interest, to ordinary income from the subject partnership.
The facts were stipulated and are so found.
Petitioners are husband and wife, residing in Riverside County, California. They filed a joint Federal income tax return for the…
2Cases cited9 opinions
- Gregory v. HelveringSupreme Court of the United States · 1935
- Commissioner v. TowerSupreme Court of the United States · 1946
- United States v. Cumberland Public Service Co.Supreme Court of the United States · 1950
- Paul W. Trousdale v. Commissioner of Internal Revenue, Marguerite R. Trousdale v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1955
- United States v. SnowCourt of Appeals for the Ninth Circuit · 1955
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3Cited by1 opinion
- Lenney v. CommissionerUnited States Tax Court · 1962