Picchione v. Comm'r
United States Tax Court
In 1946, the copyright of a record book was sold in consideration of periodic future payments until Oct. 1, 1973. The author-petitioner was not engaged in the business of originating literary materials.
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In 1946, the copyright of a record book was sold in consideration of periodic future payments until Oct. 1, 1973. The author-petitioner was not engaged in the business of originating literary materials. Held, the definition of "capital asset" in sec. 1221, I.R.C. 1954, rather than in sec. 117(a)(1), I.R.C. 1939, in the form in effect prior to amendments included in the Revenue Act of 1950, determines the tax character of receipts in 1964, 1965, and 1966; such receipts are ordinary income, not capital gain.
1Opinion of the Court
OPINION
Fbatherston, Judge: Despondent determined deficiencies in petitioners’ Federal income tax as follows:
Year Deficiency
1964 _$2,2971 61
1965 _ 4,803.16
1966 _ 5, 837. 99
The only issue is whether amounts received by petitioner Nicholas Picchione from the Dome Enterprises Trust during 1964, 1965, and 1966 are taxable as ordinary income or capital gain.
Nicholas Picchione and Lillian B. Picchione, husband and wife, resided in Providence, E.I., at the time their petition was filed. Employing the cash method of accounting, they filed joint Federal income tax returns for 1964 through 1966 with the…
2Cases cited7 opinions
- McFeely v. CommissionerSupreme Court of the United States · 1935
- Snell v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1938
- Reo Motors, Inc. v. CommissionerSupreme Court of the United States · 1950
- Southeast Equipment Corp. v. CommissionerUnited States Tax Court · 1960
- Stern v. United StatesDistrict Court, E.D. Louisiana · 1958
2 more not listed; retrieve them via the Exa API.
3Cited by13 opinions
- Buttke v. CommissionerUnited States Tax Court · 1979
- Nicholas Picchione v. Commissioner of Internal RevenueCourt of Appeals for the First Circuit · 1971
- Clopton v. Comm'rUnited States Tax Court · 2004
- Industria Espanola de Perlas Imitacion, S. A. v. National Silver Co.Court of Customs and Patent Appeals · 1972
- Ward v. United StatesDistrict Court, W.D. Oklahoma · 1981
8 more not listed; retrieve them via the Exa API.