Ayer v. Commissioner
United States Board of Tax Appeals
1. Where under the laws of Michigan there was no provision for the extension of the life of a limited partnership association organized in 1891 for 20 years, held, a limited partnership association organized in 1908 for the purpose of taking over all the assets and liabilities of the old association is a new and distinct association (admittedly treated here as a corporation) rather than a mere continuation of the old, although there was no change in stockholders or the…
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1. Where under the laws of Michigan there was no provision for the extension of the life of a limited partnership association organized in 1891 for 20 years, held, a limited partnership association organized in 1908 for the purpose of taking over all the assets and liabilities of the old association is a new and distinct association (admittedly treated here as a corporation) rather than a mere continuation of the old, although there was no change in stockholders or the business then being carried on. 2. Where the evidence is clear that the value of the net assets of the old association in…
1Opinion of the Court
*771OPINION.
Black:
The sole issue in this proceeding is whether petitioners are taxable on the $225,694.35 which was paid to them during the year 1929 from the depletion reserves of the Keweenaw Land Asso*772ciation, Ltd., and if not taxable on the entire amount, then on what part, if any, are they taxable. The pertinent sections of the Revenue Act of 1928 are printed in the margin.1
At the outset it should be noted that the last sentence of section 115 (d) is not applicable to the facts in this proceeding as the depletion reserves here involved were based upon the March 1, 1913, value rather than “on…
2Cases cited8 opinions
- Hellmich v. HellmanSupreme Court of the United States · 1928
- Kohlsaat v. MurphySupreme Court of the United States · 1878
- Taggart ex rel. Mason v. PerkinsMichigan Supreme Court · 1889
- Staver & Abbott Manufacturing Co. v. BlakeMichigan Supreme Court · 1896
- Rouse, Hazard & Co. v. Detroit Cycle Co.Michigan Supreme Court · 1896
3 more not listed; retrieve them via the Exa API.
3Cited by2 opinions
- Berger v. CommissionerUnited States Tax Court · 1996
- Ayer v. CommissionerUnited States Board of Tax Appeals · 1938