General Artists Corp. v. Commissioner
United States Tax Court
Capital Assets -- Personal Service Contract -- Section 117 (a) (1). -- Amounts received from alleged purchaser of contracts for personal services were not capital gains.
1Opinion of the Court
OPINION.
Murdock, Judge:
The petitioner contends that its three contracts were capital assets which it sold to MCA after having held those capital assets for more than six months, and $38,860.53 of the total amount which it received from MCA during the petitioner’s fiscal year ended October 31, 1944, was taxable as a long term capital gain. The Commissioner has held that the entire amount received from MCA was ordinary income and no part of it was a capital gain. His determination is presumed to be correct and the burden of proof to show that the $38,860.53 is taxable as a long term capital…
2Cases cited7 opinions
- Lucas v. EarlSupreme Court of the United States · 1930
- Helvering v. EubankSupreme Court of the United States · 1941
- Arkansas Valley Smelting Co. v. Belden Mining Co.Supreme Court of the United States · 1888
- BEALS'ESTATE v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1936
- Strauss v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1948
2 more not listed; retrieve them via the Exa API.
3Cited by1 opinion
- General Artists Corp. v. CommissionerUnited States Tax Court · 1952