Legal Opinion
Swastika Oil & Gas Co. v. Commissioner of Internal Rev.
Court of Appeals for the Sixth Circuit
Decided November 6, 1941No. 8698PublishedCited by 47 opinions
1Opinion of the Court
SIMONS, Circuit Judge.
The respondent determined a deficiency in the petitioner’s income tax return for 1935. It was based upon the receipt by the petitioner of a sum in compromise settlement of litigation pursued by the petitioner in the courts of Michigan. Two questions arise. The first is whether the payment was income or the restoration of a capital loss. The second is whether the payment was income in the tax year when it was received, or, the taxpayer making returns upon the accrual basis, the payment was income in the year when the claim arose.
The petitioner, having title to oil lands…
2Cases cited8 opinions
- North American Oil Consolidated v. BurnetSupreme Court of the United States · 1932
- Hort v. CommissionerSupreme Court of the United States · 1941
- United States v. Safety Car Heating & Lighting Co.Supreme Court of the United States · 1936
- H. Liebes & Co. v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1937
- Board v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 1931
3 more not listed; retrieve them via the Exa API.
3Cited by47 opinions
- Raytheon Production Corp. v. Commissioner of Int. Rev.Court of Appeals for the First Circuit · 1944
- Durkee v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 1947
- Jones, Collector of Internal Revenue v. CorbynCourt of Appeals for the Tenth Circuit · 1950
- Sanders v. CommissionerUnited States Tax Court · 1954
- Sanders v. CommissionerCourt of Appeals for the Tenth Circuit · 1955
42 more not listed; retrieve them via the Exa API.