Maxcy v. Commissioner
United States Tax Court
Petitioner James G. Maxcy, his brother, Von, and sister, Elizabeth, were partners in certain businesses. The partnerships in question had taxable years ending July 31. Von died on Oct. 3, 1966. The final agreement relating to the acquisition by James of Von's and Elizabeth's interests was executed on Feb. 26, 1968. Petitioners claimed the partnerships terminated on the death of Von and were thereafter operated as sole proprietorships by James.
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Petitioner James G. Maxcy, his brother, Von, and sister, Elizabeth, were partners in certain businesses. The partnerships in question had taxable years ending July 31. Von died on Oct. 3, 1966. The final agreement relating to the acquisition by James of Von's and Elizabeth's interests was executed on Feb. 26, 1968. Petitioners claimed the partnerships terminated on the death of Von and were thereafter operated as sole proprietorships by James. Held, the partnerships did not terminate until Feb. 26, 1968, and petitioners are entitled to deduct only James' pro rata share of the losses of the…
1Opinion of the Court
opinion
TaNNENWAld, Judge:
Respondent determined tbe following deficiencies in petitioners’ income tax:
JFYE July SI— Deficiency
1964 _$1,898.17
1965 _12, 871.98
1966 _21,142.36
The parties have stipulated that tbe issues which remain for decision are as follows:(a) Whether petitioners are entitled to the investment credit in the amount of $3,500.00 for the fiscal year ended 7/31/64, to the extent needed to offset any deficiency for that period otherwise determined by this Court.(b) The date of termination of the Maxcy & Maxcy partnership.(e) The date of termination of the Maxcy Groves…
2Cases cited39 opinions
- Lewis v. ReynoldsSupreme Court of the United States · 1932
- Shomaker v. CommissionerUnited States Tax Court · 1962
- Foxman v. CommissionerUnited States Tax Court · 1964
- Merrill v. CommissionerUnited States Tax Court · 1963
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