Neubecker v. Commissioner

65 T.C. 577 (1975)

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Neubecker v. Commissioner

United States Tax Court
65 T.C. 577 (1975)

  • Written by Heather Whittemore, JD

Facts

Edward F. Neubecker (plaintiff) was a partner in the law firm Frinzi, Catania, and Neubecker (the partnership) from 1964 to 1969. The partnership did not have a written partnership agreement. In 1969 the partnership dissolved. Neubecker received some furniture, books, and office supplies from the partnership, though most of the partnership’s property was kept by Frinzi. Frinzi also maintained the partnership’s offices and the partnership bank account. At the time of the dissolution, Neubecker’s capital account had a balance of approximately $2,500. Catania and Neubecker formed another law firm and retained clients with whom they had worked at the original firm. On his 1969 income-tax return, Neubecker reported his annual income using the same employer identification number for both firms. Neubecker reported a loss of approximately $2,500 for his interest in the partnership and deducted the maximum allowed amount, $1,000. The Commissioner of Internal Revenue (the Commissioner) (defendant) disallowed the loss deduction. The Commissioner reasoned that the partnership was not terminated, because Neubecker and Catania continued working together as partners. Neubecker appealed.

Rule of Law

Issue

Holding and Reasoning (Drennen, J.)

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