https://www.taxtmi.com/caselaws?id=35815 A reconstitution of a partnership that reduced the deceased partner's share was not treated as a gift for estate duty purposes because the incoming major son and minor son supplied full consideration in money or money's worth. The major son agreed to manage the business, shared losses, and contributed capital equally with the other partners, while the minor son also brought in capital. On those facts, the benefit received by the deceased was adequate consideration, so the deemed-passing provision did not apply and the amount was not includible in the principal value of the estate. en-us Fri, 18 Apr 1980 00:00:00 +0530 Wed, 17 Mar 2010 10:08:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=35815 A reconstitution of a partnership that reduced the deceased partner's share was not treated as a gift for estate duty purposes because the incoming major son and minor son supplied full consideration in money or money's worth. The major son agreed to manage the business, shared losses, and contributed capital equally with the other partners, while the minor son also brought in capital. On those facts, the benefit received by the deceased was adequate consideration, so the deemed-passing provision did not apply and the amount was not includible in the principal value of the estate. Case-Laws Income Tax Fri, 18 Apr 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=35815