Callahan v. War Contracts Price Adjustment Board
United States Tax Court
Since each of the respondent's two contested determinations of petitioner's excessive profits for two fiscal periods, each less than its "taxable" year, was without statutory authority, respondent's determinations are both expunged. Maguire Industries, Inc., 12 T. C. 75 (on appeal, App. D. C.), distinguished.
1Opinion of the Court
OPINION.
Leech, Judge:
We pass the first two grounds of petitioner’s attack on the respondent’s determinations and proceed to a consideration of the third. The stipulated facts disclose that a new partner was admitted as of April 1, 1944, and another as of June 1, 1944. It is the contention of petitioner that the admission of new partners did not have the effect of dissolving the petitioner. The respondent, on the other hand, argues that the old partnership was dissolved and a new partnership was created upon the admission of each new partner.
Under the Uniform Partnership Law in effect in the…
2Cases cited1 opinion
- Maguire Indus. v. Secretary of WarUnited States Tax Court · 1949
3Cited by4 opinions
- Southland Steel Co. v. War Contracts Price Adjustment BoardUnited States Tax Court · 1949
- Marshall v. CommissionerUnited States Tax Court · 1950
- Marshall v. CommissionerUnited States Tax Court · 1950
- Southland Steel Co. v. War Contracts Price Adjustment BoardUnited States Tax Court · 1949