Phillips v. Commissioner
United States Tax Court
Held, petitioner received all of the proceeds from the 1951 sale of stock under a claim of right so as to be taxable thereon in that year, despite the fact he was obliged in a later year to pay back the proceeds received from the sale of a portion of the stock, pursuant to the mandate of a State court decree.
1Opinion of the Court
OPINION.
Mulroney, Judge:
The respondent determined a deficiency in the income tax of the petitioners in these consolidated cases for the calendar year 1951 in the amount of $15,525.59. The sole issue in controversy here is whether the proceeds from the sale of certain stock, reported as income in the 1951 joint return of petitioners, can be included in that year’s income when it appeared petitioners were obliged to pay back such proceeds to a claimant in a later year.
Most all of the facts were stipulated and the stipulated facts are found accordingly. N. Gordon Phillips and Lauretta M.…
2Cases cited6 opinions
- North American Oil Consolidated v. BurnetSupreme Court of the United States · 1932
- Burnet v. Sanford & Brooks Co.Supreme Court of the United States · 1931
- Rutkin v. United StatesSupreme Court of the United States · 1952
- Healy v. CommissionerSupreme Court of the United States · 1953
- Michael Phillips and Sophia Phillips v. Commissioner of Internal RevenueCourt of Appeals for the Seventh Circuit · 1956
1 more not listed; retrieve them via the Exa API.
3Cited by12 opinions
- Walet v. CommissionerUnited States Tax Court · 1958
- Fuller v. CommissionerUnited States Tax Court · 1961
- Collins v. CommissionerUnited States Tax Court · 1958
- Bowen v. CommissionerUnited States Tax Court · 1960
- Bowen v. CommissionerUnited States Tax Court · 1960
7 more not listed; retrieve them via the Exa API.