Griffin v. Commissioner
United States Tax Court
In 1950, petitioner purchased a one-half interest in a story, which was to be transferred at cost to an independent motion picture producing corporation, petitioner to act as producer. The other one-half owner withdrew, and in 1951 petitioner sold the story to a major studio, being concurrently hired as producer. He had previously consummated two similar transactions.
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In 1950, petitioner purchased a one-half interest in a story, which was to be transferred at cost to an independent motion picture producing corporation, petitioner to act as producer. The other one-half owner withdrew, and in 1951 petitioner sold the story to a major studio, being concurrently hired as producer. He had previously consummated two similar transactions. He never produced a story he did not first sell, and only under unusual circumstances ever sold a story he was not also hired to produce or coproduce. Held: Petitioner was by trade or business a motion picture producer. The 1951…
1Opinion of the Court
FORRESTER, Judge:
Respondent has determined a deficiency in the 1951 income tax of petitioners in the amount of $23,675.15. The sole issue remaining is whether respondent erred in determining that the gain realized on the sale of a certain story is taxable as ordinary income.
FINDINGS OF FACT.
The stipulated facts are so found.
Petitioners, husband and wife, are residents of Los Angeles, California. Their joint income tax return for the calendar year 1951 was filed with the then collector of internal revenue at Los Angeles. Elinor W. Griffin is a party hereto solely by reason of the filing of a…
2Cases cited3 opinions
- Corn Products Refining Co. v. CommissionerSupreme Court of the United States · 1956
- Snell v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1938
- MacMurray v. CommissionerUnited States Tax Court · 1953
3Cited by3 opinions
- Griffin v. CommissionerUnited States Tax Court · 1959
- Martin v. CommissionerUnited States Tax Court · 1968
- Martin v. CommissionerUnited States Tax Court · 1968