Getty v. Commissioner
United States Tax Court
Petitioner sued the residuary beneficiary of his father's estate, claiming an unfulfilled promise for a bequest of property. The litigation was settled for a lump-sum payment. Held: (1) The form of the action filed by petitioner was not controlling. (2) The payment was not shown to be exempt under sec. 102(a), I.R.C. 1954, as amended. (3) The amount received is taxable at ordinary rates.
1Opinion of the Court
COHEN, Judge:
Respondent determined a deficiency of $6,883,975 in petitioners’ Federal income tax for 1980. After concessions, the issues for decision are (1) whether petitioner Jean Ronald Getty’s receipt of $10 million in settlement of his claim against the residuary beneficiary of his father’s estate was exempt from taxation as a gift, bequest, devise, or inheritance, and, if not, (2) whether petitioner Jean Ronald Getty’s receipt, of the $10 million was attributable to the sale or exchange of a capital asset.
The family members discussed in this opinion are designated by their initials as…
2Cases cited17 opinions
- Jack E. Golsen and Sylvia H. Golsen v. Commissioner of Internal RevenueCourt of Appeals for the Tenth Circuit · 1971
- Bingler v. JohnsonSupreme Court of the United States · 1969
- Lyeth v. HoeySupreme Court of the United States · 1938
- United States v. StewartSupreme Court of the United States · 1940
- Michael L. Rockwell, and Regina Rockwell v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1975
12 more not listed; retrieve them via the Exa API.
3Cited by15 opinions
- Robinson v. CommissionerUnited States Tax Court · 1994
- Jean Ronald Getty Karin Getty v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1990
- Milenbach v. CommissionerUnited States Tax Court · 1996
- Duffy v. United StatesUnited States Court of Federal Claims · 2015
- Sherman v. CommissionerUnited States Tax Court · 1999
10 more not listed; retrieve them via the Exa API.