Roff v. Commissioner
United States Tax Court
Shortly prior to their respective maturity dates petitioner assigned two annuity contracts to a third party other than the insurer. Held, petitioner realized ordinary income rather than capital gains. Held, further, the provisions of section 72(e)(3) are not applicable.
1Opinion of the Court
Bruce, Judge:
Respondent determined deficiencies in Federal income taxes for the years 1954 and 1955 in the amounts of $2,232.98 and $1,044.77, respectively. The issues presented for our determination are: (1) Whether increments realized upon the sale of annuity policies are taxable as ordinary income or as long-term capital gain; and (2) if said increments are taxable as ordinary income, whether the provisions of section 72, I.R.C. 1954, are applicable.
FINDINGS OF FACT.
The stipulated facts are so found and are incorporated herein by this reference.
Harry Roff, hereinafter referred to as…
2Cases cited9 opinions
- Gregory v. HelveringSupreme Court of the United States · 1935
- Fisher v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 1954
- Commissioner of Internal Revenue v. Percy W. Phillips and Betty R. Phillips (Husband and Wife)Court of Appeals for the Fourth Circuit · 1960
- Fisher v. CommissionerUnited States Tax Court · 1952
- United States v. SnowCourt of Appeals for the Ninth Circuit · 1955
4 more not listed; retrieve them via the Exa API.
3Cited by18 opinions
- Simon Jaglom and Marie Jaglom v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1962
- Cohen v. CommissionerUnited States Tax Court · 1963
- Hallcraft Homes, Inc. v. CommissionerUnited States Tax Court · 1963
- Crocker v. CommissionerUnited States Tax Court · 1962
- First National Bank of Kansas City v. CommissionerCourt of Appeals for the Eighth Circuit · 1962
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