Blake v. Commissioner
United States Board of Tax Appeals
A partnership agreement provided that 6 per cent interest should be charged as a business expense and paid to the partners on their capital used by the firm before distributing the rest of the earnings on a percentage basis. Held that the distributive share of a partner in the net income of the partnership included the amount received by him as interest on his capital.
1Opinion of the Court
JOHN A. L. BLAKE, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Blake v. Commissioner
Docket No. 7461.
United States Board of Tax Appeals
9 B.T.A. 651; 1927 BTA LEXIS 2533;
December 19, 1927, Promulgated
A partnership agreement provided that 6 per cent interest should be charged as a business expense and paid to the partners on their capital used by the firm before distributing the rest of the earnings on a percentage basis. Held that the distributive share of a partner in the net income of the partnership included the amount received by him as interest on his capital.
George H. B.…
2Cases cited1 opinion
- Blake v. CommissionerUnited States Board of Tax Appeals · 1927