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eBook details

• Title: Carroll v. Commissioner of Internal Revenue
• Author : Fifth Circuit Circuit Court Of Appeals
• Release Date : January 26, 1934
• Genre: Law,Books,Professional & Technical,
• Pages : * pages
• Size : 63 KB

Description

Prior to September 15, 1919, a partnership, under the name W. T. Carter & Bro., existed, the members of it being W. T. Carter, E. A. Carter, and Jack Thomas, who were residents of Texas. That partnership had been in existence since prior to the year 1913, and was, and always had been, engaged in the manufacture and sale of lumber at wholesale. It owned, in addition to other property and assets, growing timber; its timber assets having been acquired prior to March 1, 1913. By deed of gift made on September 15, 1919, by W. T. Carter and his wife, who owned in community more than 85 per cent. interest in the partnership, each of their six children became the owner of an undivided interest equal to 10.7995 per cent. of the assets of the partnership. On September 16, 1919, a new partnership was formed which was called by the same name as the old one and continued uninterruptedly the business conducted by the latter, the members of the old partnership continuing to have interests in the new one, and each of the six children of W. T. Carter and his wife having a 10.7995 per cent. interest in the new partnership, which succeeded to the property and business of the old one. In each of the years 1923, 1924, and 1925, the firm cut from its timberlands ascertained numbers of feet of timber, and in each of those years ascertained numbers of feet of timber were cut by the Chester Lumber Company under an agreement whereby said Company was to, and did, pay the partnership $10 per thousand feet. In redetermining the income tax liability of those who shared in the income and profits of the new partnership in the years 1923, 1924, and 1925, the Board of Tax Appeals decided that the basis for the allowance to each of those persons for depletion of timber was the value of the undivided interest in the timber on March 1, 1913, which value was found to be substantially less than the value of a like undivided interest on September 15, 1919; and that the timber which was sold as above stated after having been held by the taxpayers more than two years prior to the sale was a capital asset; and that the gain thereon was a capital gain under section 206 (a) of the Revenue Act of 1921 (42 Stat. 232), and section 208 (b) of the Revenue Acts of 1924 and 1926 (26 USCA ? 939 note). By petition for review J. J. Carroll, the husband of one of the daughters of W. T. Carter, and as such having a community interest in the profits of an undivided interest in the partnership, challenges the first above-mentioned ruling. By petition for review the Commissioner of Internal Revenue challenges the other abovementioned ruling.

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