Kaspar v. Comm'r
United States Tax Court
From 1964 to 1973 petitioner was totally unsuccessful in promotion of his invention--a process for extracting raw meat from the shell of the body section of a spiny lobster. In 1973 petitioner sold his foreign patent rights, netted the proceeds ($2,010) against his total expenditures for the period 1964 and 1973 relating to such patents ($27,060.34), and deducted the difference as an ordinary business loss.
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From 1964 to 1973 petitioner was totally unsuccessful in promotion of his invention--a process for extracting raw meat from the shell of the body section of a spiny lobster. In 1973 petitioner sold his foreign patent rights, netted the proceeds ($2,010) against his total expenditures for the period 1964 and 1973 relating to such patents ($27,060.34), and deducted the difference as an ordinary business loss. The notice of deficiency recharacterized this loss as a long-term capital loss. Held, petitioner was not in the trade or business of inventing, exploitation/sale of his patents, and/or…
1Opinion of the Court
JOSEPH M. KASPAR, Petitioner v. COMMISSIONER OF INTERNAL REVENUE, Respondent.
Kaspar v. Comm'r
Docket No. 7297-75.
United States Tax Court
T.C. Memo 1976-389; 1976 Tax Ct. Memo LEXIS 13; 35 T.C.M. (CCH) 1758; T.C.M. (RIA) 760389;
December 21, 1976, Filed
From 1964 to 1973 petitioner was totally unsuccessful in promotion of his invention--a process for extracting raw meat from the shell of the body section of a spiny lobster. In 1973 petitioner sold his foreign patent rights, netted the proceeds ($2,010) against his total expenditures for the period 1964 and 1973 relating to such patents…
2Cases cited11 opinions
- Cohan v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1930
- Deputy, Administratrix v. Du PontSupreme Court of the United States · 1940
- Higgins v. CommissionerSupreme Court of the United States · 1941
- Roberts v. CommissionerUnited States Tax Court · 1974
- White v. United StatesSupreme Court of the United States · 1938
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