Canning v. Commissioner
United States Board of Tax Appeals
1. In consideration of certain monthly royalties to be paid, petitioner on December 4, 1922, granted a corporation the sole and exclusive right and license to make, use and sell forever, or until the end of the life of any patent and any renewal thereof taken out therefor, an oxidizing compound, invented by him to improve the efficiency of gasoline motors, the corporation, however, having the option to terminate the contract upon giving 90 days written notice.
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1. In consideration of certain monthly royalties to be paid, petitioner on December 4, 1922, granted a corporation the sole and exclusive right and license to make, use and sell forever, or until the end of the life of any patent and any renewal thereof taken out therefor, an oxidizing compound, invented by him to improve the efficiency of gasoline motors, the corporation, however, having the option to terminate the contract upon giving 90 days written notice. On June 8, 1923, petitioner made an absolute assignment to his wife of an undivided one half interest in his aforesaid invention.…
1Opinion of the Court
JOHN F. CANNING, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Canning v. Commissioner
Docket No. 41482.
United States Board of Tax Appeals
29 B.T.A. 99; 1933 BTA LEXIS 997;
October 12, 1933, Promulgated
1. In consideration of certain monthly royalties to be paid, petitioner on December 4, 1922, granted a corporation the sole and exclusive right and license to make, use and sell forever, or until the end of the life of any patent and any renewal thereof taken out therefor, an oxidizing compound, invented by him to improve the efficiency of gasoline motors, the corporation, however,…
2Cases cited1 opinion
- Canning v. CommissionerUnited States Board of Tax Appeals · 1933