Aitken v. Commissioner
United States Tax Court
Where a subagent owned insurance "expirations" which, in the insurance field, are valuable property, and the subagent sold the "expirations" for $ 10,000 by contract to an agent, held, the consideration received was a capital gain.
1Opinion of the Court
OPINION.
Van Fossan, Judge;
The issue is whether $10,000 received by petitioner was in consideration for the transfer of future insurance commissions or for the sale of fire and casualty insurance “expirations,” and, if the latter, whether such sum was subject to capital gains treatment. These expirations included no rights to commissions.
The deficiency arose in part from respondent’s action in disallowing certain deductions for legal expenses and depreciation. Petitioner has not contested these adjustments. Accordingly, a Rule 50 determination is necesssary.
Respondent argues, first, that the…
2Cases cited15 opinions
- Michaels v. CommissionerUnited States Tax Court · 1949
- Marc D. Leh and L. Waive Leh v. Commissioner of Internal Revenue, David E. Brown and Christobel H. Brown v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1958
- Leh v. CommissionerUnited States Tax Court · 1957
- V. L. Phillips & Co., Inc. v. Pennsylvania Threshermen & Farmers' Mut. Cas. Ins. CoCourt of Appeals for the Fourth Circuit · 1952
- Kerr & Elliott v. Green Mountain Mutual Fire InsuranceSupreme Court of Vermont · 1941
10 more not listed; retrieve them via the Exa API.
3Cited by32 opinions
- Commissioner of Internal Revenue v. Maurice L. KillianCourt of Appeals for the Fifth Circuit · 1963
- United States v. Charles G. Eidson, Jr.Court of Appeals for the Fifth Circuit · 1962
- Nelson Weaver Realty Company, and Nelson Weaver Mortgage Company, Inc. v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1962
- Kenney v. CommissionerUnited States Tax Court · 1962
- Thoms v. CommissionerUnited States Tax Court · 1968
27 more not listed; retrieve them via the Exa API.