Legal Opinion
Joe L. Schmitt, Jr., and Helen N. Schmitt v. Commissioner of Internal Revenue
Court of Appeals for the Ninth Circuit
Decided October 15, 1959No. 16341PublishedCited by 22 opinions
1Opinion of the Court
BARNES, Circuit Judge.
The crucial question in this case is whether for income tax purposes an agreement executed by the taxpayer 1 constituted a sale of patent rights, and income derived therefrom was therefore long term capital gain; or whether the contract constituted a license, and hence income derived therefrom ordinary income .
The Tax Court held 2 there was not a sale of all substantial rights in and to the patent, and hence the income was taxable as ordinary income. The taxpayer appeals. This Court has jurisdiction. 3
Joe L. Schmitt, Jr. engaged in accounting work in Arizona for many…
2Cases cited21 opinions
- Corliss v. BowersSupreme Court of the United States · 1930
- Waterman v. MacKenzieSupreme Court of the United States · 1891
- Griffiths v. CommissionerSupreme Court of the United States · 1939
- Myers v. Comm'rUnited States Tax Court · 1946
- Allen, Collector of Internal Revenue v. WernerCourt of Appeals for the Fifth Circuit · 1951
16 more not listed; retrieve them via the Exa API.
3Cited by22 opinions
- E. I. Du Pont De Nemours and Company v. United StatesCourt of Appeals for the Third Circuit · 1970
- Estate of G. R. Gowdey, Deceased, and Verna E. Gowdey, and Surviving Spouse v. Commissioner of Internal RevenueCourt of Appeals for the Fourth Circuit · 1962
- Vern H. Moberg and Reta N. Moberg v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1962
- United States v. WernentinCourt of Appeals for the Eighth Circuit · 1965
- Theodore E. Moberg and Pauline Moberg v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1962
17 more not listed; retrieve them via the Exa API.