Miller v. Commissioner
United States Tax Court
Held, that total distributions out of retirement fund paid in one taxable year to petitioners on account of their separation from the service of their employer upon sale of employer's business, are to be treated as long-term capital gain pursuant to Internal Revenue Code section 165 (b). Upon the facts of the instant case, the termination of the fund was not a controlling factor.
1Opinion of the Court
OPINION.
Fisher, Judge:
The question in this proceeding is whether cash distributions made to petitioners in 1948 in total liquidation of an “exempt” employees’ retirement fund are taxable as ordinary income or capital gain to the extent that the distributions included amounts not contributed to the fund by each petitioner.
Petitioners contend that the distributions were paid on account of their separations from the service of their employer and that the amounts are taxable as capital gains pursuant to the provisions of section 165 (b) of the Internal Revenue Code.1
Respondent contends that the…
2Cases cited1 opinion
- Glinske v. CommissionerUnited States Tax Court · 1951
3Cited by59 opinions
- United States v. Ophelia Johnson and Ophelia R. Johnson, as Under the Last Will and Testament of Clifford L. Johnson, DeceasedCourt of Appeals for the Fifth Circuit · 1964
- United States v. Ben Martin and Rachel T. MartinCourt of Appeals for the Eighth Circuit · 1964
- E. N. Funkhouser and Estate of Nellie S. Funkhouser, Deceased, E. N. Funkhouser v. Commissioner of Internal RevenueCourt of Appeals for the Fourth Circuit · 1967
- Gittens v. CommissionerUnited States Tax Court · 1968
- Funkhouser v. CommissionerUnited States Tax Court · 1965
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