Gann v. Commissioner
United States Board of Tax Appeals
1. The amount received by an employee from his employer in consideration for the cancellation of a contract of employment which had several years to run, held ordinary income and not capital gain. 2. The income realized under the circumstances referred to above may not be reduced by the claimed value of a right to receive a pension where the contract makes no mention of the relinquishment of such right and the evidence does not establish that the taxpayer did not thereafter…
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1. The amount received by an employee from his employer in consideration for the cancellation of a contract of employment which had several years to run, held ordinary income and not capital gain. 2. The income realized under the circumstances referred to above may not be reduced by the claimed value of a right to receive a pension where the contract makes no mention of the relinquishment of such right and the evidence does not establish that the taxpayer did not thereafter continue to serve his employer in some other capacity. 3. The deduction of dues paid to an athletic club may not, under…
1Opinion of the Court
*389OPINION.
Mellott:
The Commissioner determined a deficiency of $4,805.30 in petitioner’s income tax for the year 1935. The amended petition alleges that the respondent erred in disallowing $2,057.14 of $10,376.42 deducted by petitioner in his return as ordinary and necessary expenses of carrying on his business, the expenditures having been made for food, rent, liquors, and boat operation; that he erred in disallowing $265 expended by petitioner as club dues, paid for membership maintained exclusively for the purpose of entertaining business guests; and that he erred in including in gross income…
2Cases cited7 opinions
- Deputy, Administratrix v. Du PontSupreme Court of the United States · 1940
- Eisner v. MacOmberSupreme Court of the United States · 1920
- Lyeth v. HoeySupreme Court of the United States · 1938
- Bowers v. Kerbaugh-Empire Co.Supreme Court of the United States · 1926
- Arkansas Valley Smelting Co. v. Belden Mining Co.Supreme Court of the United States · 1888
2 more not listed; retrieve them via the Exa API.
3Cited by21 opinions
- Heyn v. CommissionerUnited States Tax Court · 1963
- Nelson Weaver Realty Co. v. CommissionerUnited States Tax Court · 1961
- Lozoff v. United StatesDistrict Court, E.D. Wisconsin · 1967
- Manseau v. United StatesDistrict Court, E.D. Michigan · 1943
- Ratterman v. CommissionerUnited States Tax Court · 1948
16 more not listed; retrieve them via the Exa API.