City Bank Farmers Trust Co. v. Commissioner
United States Board of Tax Appeals
The decedent was a member of a partnership which made its income tax returns upon the basis of cash receipts and disbursements.
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The decedent was a member of a partnership which made its income tax returns upon the basis of cash receipts and disbursements. The partnership agreement provided that the death of a partner should not effect a dissolution of the partnership, but that the partnership should be continued for a period of six months thereafter, and that the estate of the deceased partner for such period and "as payment for the good will of the deceased partner in the practice" should share in the income and expenses of the firm to the same extent that he would have done if he had lived. Subsequent to the death…
1Opinion of the Court
CITY BANK FARMERS TRUST COMPANY, EXECUTOR OF THE ESTATE OF AMBROSE H. BURROUGHS, DECEASED, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
City Bank Farmers Trust Co. v. Commissioner
Docket No. 59797.
United States Board of Tax Appeals
29 B.T.A. 190; 1933 BTA LEXIS 967;
October 31, 1933, Promulgated
The decedent was a member of a partnership which made its income tax returns upon the basis of cash receipts and disbursements. The partnership agreement provided that the death of a partner should not effect a dissolution of the partnership, but that the partnership should be continued for…
2Cases cited1 opinion
- City Bank Farmers Trust Co. v. CommissionerUnited States Board of Tax Appeals · 1933