Smith v. Commissioner’s Empirical Analysis

Citation profile

1 federal appellate ·

Most-quoted passages

The sentences later courts lift from this opinion, ranked by how many decisions quote each — the parts of the opinion doing the work. These counts are smaller than the citation total above because most of the 12 citing decisions cite the case generally; a passage count includes only decisions quoting that exact language verbatim.

1. “In the case of a sale or exchange of an interest in a partnership, gain or loss shall be recognized to the transferor partner. Such gain or loss shall be considered as gain or loss from the sale or exchange of a capital asset, except as otherwise provided in section 751 (relating to unrealized receivables and inventory items which have appreciated substantially in value).”

   2 later decisions quote this exact passage
   e.g. Cooney v. Commissioner · Holman v. Commissioner

2. “5 . “Payments considered as distributive share or guaranteed payment. — Payments made in liquidation of the interest of a retiring partner or a deceased partner shall, except as provided in subsection (b), be considered— “ (1) as a distributive share to the recipient of partnership income if the amount thereof is determined with regard to the income of the partnership, or “(2) as a guaranteed payment described in section 707(c) if the amount thereof is determined without regard to the income of the partnership.” Section 707 (c), above referred to, is as follows: “To the extent determined without regard to the income of the partnership, payments to a partner for services or the use of capital shall be considered as made to one who is not a member of the partnership, but only for the purposes of section 61(a) (relating to gross income) and section 162(a) (relating to trade or business expenses).” 6 . “(1) General rule. — Payments made in liquidation of the interest of a retiring partner or a deceased partner shall, to the extent such payments (other than payments described in paragraph (2)) are determined, under regulations prescribed by the Secretary or his delegate, to be made in exchange for the interest of such partner in partnership property, be considered as a distribution by the partnership and not as a distributive share or guaranteed payment under subsection (a). “(2) Special rules. — For purposes of this subsection, payments in exchange for an interest in partnership ”

   1 later decision quote this exact passage
   e.g. Smith v. Commissioner of Internal Revenue

3. ““If a majority of the partners at any time decide * * * that some other partner (hereinafter referred to as specified partner) [should] cease to be a member of the partnership, then * * *, the said majority, by their unanimous vote, and upon tender to the specified partner of the consideration agreed to in this paragraph 25 may expel the specified partner, * * *. The amount to be paid to the specified partner on his expulsion as the agreed consideration for his said interest is the then book value of his interest in the partnership as carried on the books of tlie partnership plus a premium equal to forty (40%) percent of so much of such book value as does not exceed $50,000.00, plus 15 (15%) percent of so much of said book value as exceeds $50,000.00, but does not exceed $80,000.00, plus seven and one-half (7%) percent of so much of said book value as exceeds $80,000.00, but does not exceed $100,000.00 (no premium to be payable on account of any part of the book value over $100,000.00). * * i'.: tt”

   1 later decision quote this exact passage
   e.g. Smith v. Commissioner of Internal Revenue