Taylor-Winfield Corp. v. Comm'r
United States Tax Court
Held, on consideration of the documents themselves and all the facts surrounding the transactions, that the series of three documents executed by petitioner and Osaka Transformer Co., Ltd., an unrelated corporation with its principal place of business at Osaka, Japan, in 1965 and 1966, did not constitute a sale or exchange to Osaka of "all substantial rights" to the know-how which petitioner owned at the time or subsequently developed, and the amounts paid to petitioner by…
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Held, on consideration of the documents themselves and all the facts surrounding the transactions, that the series of three documents executed by petitioner and Osaka Transformer Co., Ltd., an unrelated corporation with its principal place of business at Osaka, Japan, in 1965 and 1966, did not constitute a sale or exchange to Osaka of "all substantial rights" to the know-how which petitioner owned at the time or subsequently developed, and the amounts paid to petitioner by Osaka in those years are accordingly not entitled to preferential treatment as capital gain.
1Opinion of the Court
Withey, Judge:
In these consolidated cases, respondent determined deficiencies in petitioner’s income tax as follows:
Docket No: Year Deficiency
11963 $2, 325. 65
796-68_] 1964 3, 836. 87
11965 27, 289. 42
1184-70_ 1966 49, 024. 55
The parties have reached agreement with regard to all of the deficiencies for petitioner’s taxable years 1963 and 1964. Partial agreement has also been reached with regard to the deficiencies for the years 1965 and 1966.
Petitioner has filed an amended petition alleging that the foreign tax credit claimed on its tax returns for e'ach of the years 1963, 1964, 1965, and 1966…
2Cases cited14 opinions
- Waterman v. MacKenzieSupreme Court of the United States · 1891
- Bell Intercontinental Corporation v. The United StatesUnited States Court of Claims · 1967
- PPG Indus., Inc. v. CommissionerUnited States Tax Court · 1970
- E. I. Du Pont De Nemours and Company v. United StatesUnited States Court of Claims · 1961
- E. W. Bliss Co. v. United StatesSupreme Court of the United States · 1920
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3Cited by25 opinions
- Hooker Chemicals & Plastics Corp. v. United StatesUnited States Court of Claims · 1979
- Bakertown Coal Co. v. United StatesUnited States Court of Claims · 1973
- Glen O'Brien Movable Partition Co. v. CommissionerUnited States Tax Court · 1978
- The Taylor-Winfield Corporation v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 1972
- Juda v. CommissionerUnited States Tax Court · 1988
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