Hopkins v. Commissioner
United States Tax Court
1. Petitioner received certain annual payments from a drug manufacturer by reason of a licensing arrangement between the manufacturer and petitioner's great-grandfather which provided for use by the manufacturer of a medical formula developed by petitioner's ancestor.
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1. Petitioner received certain annual payments from a drug manufacturer by reason of a licensing arrangement between the manufacturer and petitioner's great-grandfather which provided for use by the manufacturer of a medical formula developed by petitioner's ancestor. These payments held royalty income taxable in full to petitioner. 2. Anticipatory assignment by petitioner of a portion of above royalty payments in order to discharge an alimony obligation of petitioner held ineffective to relieve petitioner of taxability on the sums so assigned. 3. Held, petitioner was not entitled to deduct…
1Opinion of the Court
Arundell, Judge:
The respondent has determined deficiencies against petitioner in the amount of $25,121.39 for the calendar year 1939, $22,275.01 for the calendar year 1940, and $38,737.53 for the calendar year 1941.
The petitioner assigns errors in the respondent’s determination:(1) That certain annual sums received by petitioner from Lambert Pharmacal Co. constituted ordinary income rather than (a) capital gains, or (b) tax-free amortization of a wasting asset.(2) That assignment by petitioner of $12,000 annually of the payments receivable from Lambert Pharmacal Co. was ineffective to relieve…
2Cases cited29 opinions
- Lucas v. EarlSupreme Court of the United States · 1930
- Helvering v. HorstSupreme Court of the United States · 1940
- Moline Properties, Inc. v. CommissionerSupreme Court of the United States · 1943
- Waterman v. MacKenzieSupreme Court of the United States · 1891
- Douglas v. WillcutsSupreme Court of the United States · 1935
24 more not listed; retrieve them via the Exa API.
3Cited by46 opinions
- G. Douglas Burck and Marjorie W. Burck v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1976
- Burck v. CommissionerUnited States Tax Court · 1975
- Rubnitz v. CommissionerUnited States Tax Court · 1977
- Brown v. CommissionerUnited States Tax Court · 1961
- Lay v. CommissionerUnited States Tax Court · 1977
41 more not listed; retrieve them via the Exa API.