Graham v. Commissioner
United States Tax Court
Income Tax -- Sale of Patent -- Long-Term Capital Gain. -- The petitioner and another individual, as co-owners of a patent, entered into a contract which by its terms transferred all their right, title, and interest in the patent to a corporation the majority of the stock of which was owned by them, there being, however, a substantial minority interest in the corporation.
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Income Tax -- Sale of Patent -- Long-Term Capital Gain. -- The petitioner and another individual, as co-owners of a patent, entered into a contract which by its terms transferred all their right, title, and interest in the patent to a corporation the majority of the stock of which was owned by them, there being, however, a substantial minority interest in the corporation. Held, that the transaction was at arm's length and effective as an assignment of the patent, and that the amounts received by the petitioner under the contract constituted long-term capital gain under section 117 of the…
1Opinion of the Court
Thornton G. Graham and Jessie C. Graham, Husband and Wife, Petitioners, v. Commissioner of Internal Revenue, Respondent
Graham v. Commissioner
Docket No. 54516
United States Tax Court
26 T.C. 730; 1956 U.S. Tax Ct. LEXIS 128; 110 U.S.P.Q. (BNA) 454;
June 29, 1956, Filed
Decision will be entered under Rule 50.
Income Tax -- Sale of Patent -- Long-Term Capital Gain. -- The petitioner and another individual, as co-owners of a patent, entered into a contract which by its terms transferred all their right, title, and interest in the patent to a corporation the majority of the stock of which was owned by…
2Cases cited16 opinions
- Waterman v. MacKenzieSupreme Court of the United States · 1891
- Myers v. Comm'rUnited States Tax Court · 1946
- Commissioner of Internal Revenue v. HopkinsonCourt of Appeals for the Second Circuit · 1942
- Allen, Collector of Internal Revenue v. WernerCourt of Appeals for the Fifth Circuit · 1951
- Orla E. Watson and Edith Watson v. United StatesCourt of Appeals for the Tenth Circuit · 1955
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