TeLinde v. Comm'r
United States Tax Court
Payments received by petitioner, a physician, for the sale of his first book, held to be long term capital gain, as the proceeds of the sale of a capital asset of which, under the evidence, the holding period commenced on completion and extended more than 6 months until delivery of the manuscript.
1Opinion of the Court
OPINION.
OppeR, Judge:
The parties are apparently in agreement that what petitioner transferred to his publisher was a capital asset. They differ first as to whether that transfer was a sale on the one hand or a license on the other, so that in the former event it would be subject to the capital gains provisions.
While the contract to assign is not entirely without ambiguity, it seems to us its fair intendment is that petitioner transferred, for the full term of the copyright, and the publisher received all of the rights incorporated in the property, leaving nothing for which petitioner
could…
2Cases cited7 opinions
- Commissioner of Internal Revenue v. HopkinsonCourt of Appeals for the Second Circuit · 1942
- Dreymann v. Comm'rUnited States Tax Court · 1948
- Commissioner v. WodehouseSupreme Court of the United States · 1949
- Goldsmith v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1944
- Hofferbert, Collector of Internal Revenue v. BriggsCourt of Appeals for the Fourth Circuit · 1949
2 more not listed; retrieve them via the Exa API.
3Cited by1 opinion
- TeLinde v. Comm'rUnited States Tax Court · 1952