Agency of Canadian Car & Foundry Co. v. Commissioner
United States Tax Court
1. Payments on Mixed Claims Commission Award -- German Bonds to Fund Payments. -- Held, bonds issued in 1953 by the Federal Republic of Germany to the Government of the United States of America, payable serially each year beginning in 1953 and ending in 1978, are not capital assets in the hands of the taxpayer within the provisions of section 1232(a), 1954 Internal Revenue Code, notwithstanding the fact that the net amount of the funds derived from the payment of the bonds…
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1. Payments on Mixed Claims Commission Award -- German Bonds to Fund Payments. -- Held, bonds issued in 1953 by the Federal Republic of Germany to the Government of the United States of America, payable serially each year beginning in 1953 and ending in 1978, are not capital assets in the hands of the taxpayer within the provisions of section 1232(a), 1954 Internal Revenue Code, notwithstanding the fact that the net amount of the funds derived from the payment of the bonds on maturity are paid over ratably to holders of awards of the Mixed Claims Commission, United States and Germany, by the…
1Opinion of the Court
HaRRON, Judge:
The respondent determined deficiencies in income tax for the years 1954-1957, inclusive, as follows:
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Petitioner received a Mixed Claims Commission award in 1939 under a claim against Germany for sabotage losses sustained in 1917. During the taxable years, petitioner received payments from the United States Treasury Department with respect to the award. The questions for decision are: (1) Whether the payments on the award received in the taxable years qualify as capital gain under section 1232(a) (1) of the 1954 Code, or are taxable as ordinary income. (2) Whether…
2Cases cited9 opinions
- Fairbanks v. United StatesSupreme Court of the United States · 1939
- Bingham v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1939
- Commissioner of Internal Revenue v. H. E. Harman Coal CorpCourt of Appeals for the Fourth Circuit · 1952
- Richard T. Graham v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1962
- Gulf States Utilities Co. v. CommissionerUnited States Tax Court · 1951
4 more not listed; retrieve them via the Exa API.
3Cited by12 opinions
- Dravo Corporation v. The United StatesUnited States Court of Claims · 1965
- Lutz v. CommissionerUnited States Tax Court · 1966
- Morgan Guaranty Trust Co. of New York v. United StatesUnited States Court of Claims · 1978
- Southwest Exploration Co. v. RiddellDistrict Court, S.D. California · 1964
- Woodmont Terrace, Inc. v. United StatesDistrict Court, M.D. Tennessee · 1966
7 more not listed; retrieve them via the Exa API.