Longino v. Commissioner
United States Tax Court
Held, amount realized in settlement of a claim for damages to a cotton crop caused by the use of an insecticide was taxable as ordinary income and the fact the settlement instrument was in form an assignment of the claim was immaterial.
1Opinion of the Court
Mulroney, Judge:
Tbe respondent determined deficiencies in tbe income tax of petitioners for tbe year 1952 in these consolidated proceedings in tbe following amounts:
Doeleet No. Deficiency
70617_$1, 096. 03
70618_ 2,063.52
Tbe one issue to be decided is whether $18,740.54, received from tbe settlement of a claim for damages to cotton crops, is to be considered as ordinary income or as long-term capital gain.
findings of fact.
Some of tbe facts are stipulated and they are found accordingly. R. H. Longino and Margaret W. Longino are husband and wife. During tbe years 1951 and 1952 they were partners…
2Cases cited4 opinions
- Gregory v. HelveringSupreme Court of the United States · 1935
- Raytheon Production Corp. v. Commissioner of Int. Rev.Court of Appeals for the First Circuit · 1944
- Rupe Investment Corporation v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1959
- Rupe Inv. Corp. v. CommissionerUnited States Tax Court · 1958
3Cited by8 opinions
- Fowler Hosiery Co. v. CommissionerUnited States Tax Court · 1961
- Lee Turzillo and Lucille Turzillo v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 1965
- Commissioner of Internal Revenue v. John P. And Eleanor Murdoch. Henrietta O. Murdoch v. Commissioner of Internal RevenueCourt of Appeals for the Third Circuit · 1963
- Susan Taylor Martin v. United StatesCourt of Appeals for the Fifth Circuit · 1998
- Fowler Hosiery Co. v. CommissionerUnited States Tax Court · 1961
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