United States Supreme Court Cases & Opinions

U.S. Supreme Court

Guaranty Trust Co. v. Commissioner, 303 U.S. 493 (1938)

Guaranty Trust Co. v. Commissioner of Internal Revenue

No. 301

Argued January 12, 13, 1938

Decided March 28, 1938

303 U.S. 493

Syllabus

A partnership whose fiscal year expired July 31, 1933, was dissolved by the death of a member in December, 1933. Decedent had kept his books on the cash receipts and disbursements basis, and filed his returns for income tax for each calendar year on that basis. The partnership kept its books on a like basis, but made its returns for a fiscal year ending July 31. Upon a partnership accounting, his share of the profits from August 1 to date of his death was ascertained and, in the following January and February, was paid to the executor. Held that the decedent's taxable income for the calendar year 1933 includes his share of partnership profits from the beginning of the partnership fiscal year on Aug. 1, 1933, to the date of his death in the same year, in addition to his share of the partnership profits for its fiscal year ending July 31. Rev.Act 1932, § 182(a). P. 303 U. S. 495.

89 F.2d 692 affirmed.

Certiorari, 302 U.S. 670, to review a judgment of the court below reversing an order of the Board of Tax Appeals. The Board's order, 34 B.T.A. 384, set aside a deficiency assessment.

Page 303 U. S. 494