¶2It is fundamental in the law of partnerships that the profits therefrom need not be divided according to the capital contributions of the several partners, and that the percentages to be received by the individual partners may be varied from time to time as they agree. This being true, the only question presented to us is whether these parties actually effected a new arrangement for the distribution of profits. From all of the evidence presented we are convinced that the agreement for the distribution and the actual distribution of profits was made as claimed by the taxpayers.
2 B.T.A. 1159
Taylor v. Commissioner
United States Board of Tax Appeals
Decided November 4, 1925
United States Board of Tax Appeals · decided 1925-11-04
On the evidence, held, that partnership income was to be distributed equally among the partners. Held: that partnership income was to be distributed equally among the partners.
Key passage — most relied on by later courts
“according to the capital contributions of the several partners.”
quoted by 1 later decision, including Hirsch v. Commissioner
Good law ✅— No negative treatment on recordhow we know
Decided 1925-11-04
How this case has been cited
Cited by 4 later decisions — most recently October 1981
Later decisions citing this case, by decade. The current decade is in progress, and our corpus holds fewer opinions from the most recent years, so the latest bars are undercounted — not a real decline.
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