“Family partnership”

March 13, 2013

  • 220 Internal Revenue
  • 220V Income Taxes
  • 220V(P) Partnerships, Joint Ventures, and Similar Organizations
  • 220k3926 k. Family Partnerships.

220 Internal RevenueFact that partnership income tax returns of alleged family partnership included thirteen year old son as partner, fact that such son joined in bill of sale to subsequently organized corporation, and that he received 1/3 of stock of corporation, did not compel conclusion that such son was member of valid family partnership for tax purposes, and did not entitle his parents to refund of income taxes based on claim that 1/3 of partnership profits were taxable to such son.
Christopher v. Campbell, 223 F.2d 124 (5th Cir. 1955)