Gaddy v. Commissioner
United States Tax Court
1. Held, funds constituting overpayments made in 1957 under a rental agreement made in 1956 are not includible in gross income within the meaning of section 61(a) of the Internal Revenue Code of 1954, where in the year of overpayment the recipient discovers the overpayments, renounces his claim of right to the overpayments, and provides for their repayment under a new contract. 2. Held, further, where, under the second rental agreement executed October 1, 1957, the recipient…
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1. Held, funds constituting overpayments made in 1957 under a rental agreement made in 1956 are not includible in gross income within the meaning of section 61(a) of the Internal Revenue Code of 1954, where in the year of overpayment the recipient discovers the overpayments, renounces his claim of right to the overpayments, and provides for their repayment under a new contract. 2. Held, further, where, under the second rental agreement executed October 1, 1957, the recipient does not discover that an overpayment was made until after the close of the taxable year, the recipient has not had the…
1Opinion of the Court
OPINION.
Black, Judge:
Facts have been stipulated as to certain other over-payments under Gaddy’s contracts which were made to him by El Paso subsequent to 1957. The taxable year 1957 is the only year which we have before us in this proceeding; therefore, we shall confine ourselves to a discussion of the deficiency determined for that year. We shall not discuss any overpayment which may have been made in 1958.
Section 61(a) of the 1954 Code provides that gross income means all income from whatever source derived, including income from rents (subpar. (5)). Eespondent has determined in his…
2Cases cited11 opinions
- North American Oil Consolidated v. BurnetSupreme Court of the United States · 1932
- Burnet v. Sanford & Brooks Co.Supreme Court of the United States · 1931
- Healy v. CommissionerSupreme Court of the United States · 1953
- United States v. MerrillCourt of Appeals for the Ninth Circuit · 1954
- Ernst Kern Co. v. CommissionerUnited States Tax Court · 1942
6 more not listed; retrieve them via the Exa API.
3Cited by24 opinions
- Howard B. Quinn and Charlotte J. Quinn v. Commissioner of Internal RevenueCourt of Appeals for the Seventh Circuit · 1975
- Yagoda v. CommissionerUnited States Tax Court · 1962
- Hope v. CommissionerUnited States Tax Court · 1971
- Karl and Hilda Hope, in Nos. 71-1993, 71-1994 v. Commissioner of Internal Revenue, in No. 71-1995Court of Appeals for the Third Circuit · 1973
- Buff v. CommissionerUnited States Tax Court · 1972
19 more not listed; retrieve them via the Exa API.