Busse v. Commissioner
United States Tax Court
Petitioner sold a patent and his receipts were not entitled to capital gain treatment under sec. 1235, I.R.C. 1954, but were taxable as capital gains under other provisions of the Code. Held, since the transfer was described in sec. 1235(a), I.R.C. 1954, the payments fall within the exception prescribed by sec. 483(f)(4), I.R.C. 1954, to the unstated-interest provisions of sec. 483, I.R.C. 1954. Floyd G. Paxton, 53 T.C. 202 (1969), followed.
1Opinion of the Court
Curtis T. Busse and Myrtle Busse, Petitioners v. Commissioner of Internal Revenue, Respondent
Busse v. Commissioner
Docket No. 6858-70
United States Tax Court
58 T.C. 389; 1972 U.S. Tax Ct. LEXIS 114;
May 30, 1972, Filed
Decision will be entered for the petitioners.
Petitioner sold a patent and his receipts were not entitled to capital gain treatment under sec. 1235, I.R.C. 1954, but were taxable as capital gains under other provisions of the Code. Held, since the transfer was described in sec. 1235(a), I.R.C. 1954, the payments fall within the exception prescribed by sec. 483(f)(4), I.R.C. 1954, to…
2Cases cited6 opinions
- United States v. American Trucking AssociationsSupreme Court of the United States · 1940
- International Trading Co. v. CommissionerUnited States Tax Court · 1971
- Busse v. CommissionerUnited States Tax Court · 1972
- Gutierrez v. CommissionerUnited States Tax Court · 1969
- General Electric Company v. Melvin J. Burton, District Director of Internal RevenueCourt of Appeals for the Sixth Circuit · 1967
1 more not listed; retrieve them via the Exa API.