https://www.taxtmi.com/caselaws?id=7503 A partner's right to share in firm profits is property capable of transfer, and a voluntary re-allocation of that profit share among the other partners without consideration constitutes a transfer under gift-tax law. The assessee's one-third profit share was diminished and the other partners' interests increased, so the redistribution was treated as a taxable gift. The argument that only a right to profits on dissolution was involved was rejected, and valuation or goodwill issues were not decisive on liability. en-us Wed, 05 Mar 1969 00:00:00 +0530 Fri, 20 Feb 2009 18:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7503 A partner's right to share in firm profits is property capable of transfer, and a voluntary re-allocation of that profit share among the other partners without consideration constitutes a transfer under gift-tax law. The assessee's one-third profit share was diminished and the other partners' interests increased, so the redistribution was treated as a taxable gift. The argument that only a right to profits on dissolution was involved was rejected, and valuation or goodwill issues were not decisive on liability. Case-Laws Income Tax Wed, 05 Mar 1969 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7503