Neil

Plaintiff William P. Neil and LeRoy D. Owen were partners in a real estate brokerage business, doing business under the name of “LeRoy D. Owen Company.” LeRoy D. Owen was the only general partner and William P. Neil the only limited partner. The partnership was not licensed by the Division of Real Estate of the State of California to do a real estate brokerage business; but LeRoy D. Owen held a real .estate broker’s license, doing business as LeRoy D. Owen Company.

A partnership income tax return was filed for the year 1946, which disclosed the income of the partnership for such year as $63,719.67. The partnership was dissolved on September 30, 1946, and William P. Neil received certain assets of the co-partnership upon its dissolution. Using the basis of the partnership net income for the year 1946 of $63,719.67, William P. Neil and hi9 wife filed individual income tax returns, reporting income from the partnership as $14,284.11 each.

Subsequent to the dissolution of partnership LeRoy D. Owen failed and refused to pay or turn over to William P. Neil some *871 of the assets of the copartnership which were to have been delivered to him upon its dissolution. On March 7, 1947,…