Fleming v. Commissioner
United States Tax Court
1 and 2. Exchanges Solely in Kind -- Capital Gain -- Sec. 117 (j), I. R. C. 1939. -- Petitioners exchanged oil payments for land. Held, that the property was of unlike kind within the meaning of section 112 (b) (1), and the gain was taxable as capital gain. 3. Interest -- Paid and Accrued. -- Under two settlement agreements the proceeds of two endowment policies for petitioner Mary D. Walsh were retained by the insurance company at maturity.
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1 and 2. Exchanges Solely in Kind -- Capital Gain -- Sec. 117 (j), I. R. C. 1939. -- Petitioners exchanged oil payments for land. Held, that the property was of unlike kind within the meaning of section 112 (b) (1), and the gain was taxable as capital gain. 3. Interest -- Paid and Accrued. -- Under two settlement agreements the proceeds of two endowment policies for petitioner Mary D. Walsh were retained by the insurance company at maturity. In one agreement interest on the retained proceeds was paid to petitioner. Held, that the interest payments were taxable income. Under the other…
1Opinion of the Court
Wm. Fleming and Bessie M. Fleming, Husband and Wife, et al., 1 Petitioners, v. Commissioner of Internal Revenue, Respondent
Fleming v. Commissioner
Docket Nos. 46713, 46781, 46782
United States Tax Court
24 T.C. 818; 1955 U.S. Tax Ct. LEXIS 126; 4 Oil & Gas Rep. 1609;
July 29, 1955, Filed
Decisions will be entered under Rule 50.
1 and 2. Exchanges Solely in Kind -- Capital Gain -- Sec. 117 (j), I. R. C. 1939. -- Petitioners exchanged oil payments for land. Held, that the property was of unlike kind within the meaning of section 112 (b) (1), and the gain was taxable as capital gain.
3. Interest --…
2Cases cited10 opinions
- Helvering v. R. J. Reynolds Tobacco Co.Supreme Court of the United States · 1939
- Century Electric Co. v. Commissioner of Internal RevenueCourt of Appeals for the Eighth Circuit · 1951
- Commissioner of Internal Revenue v. CrichtonCourt of Appeals for the Fifth Circuit · 1941
- D. K. Caldwell v. Ellis Campbell, Jr., Former Collector of Internal RevenueCourt of Appeals for the Fifth Circuit · 1955
- Fleming v. CommissionerUnited States Tax Court · 1955
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