Doyle v. Commissioner
United States Board of Tax Appeals
Petitioner assigned on December 18, 1931, for $10,500 all his interest in fees to become payable in the future to a dissolved law partnership in connection with matters of one client pursuant to an agreement of the same date made with one of his former law partners. On June 17, 1932, petitioner received the $10,500. Petitioner did not receive this amount as a recovery of capital contribution to the partnership or as compensation for his share of good will of the partnership.
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Petitioner assigned on December 18, 1931, for $10,500 all his interest in fees to become payable in the future to a dissolved law partnership in connection with matters of one client pursuant to an agreement of the same date made with one of his former law partners. On June 17, 1932, petitioner received the $10,500. Petitioner did not receive this amount as a recovery of capital contribution to the partnership or as compensation for his share of good will of the partnership. The amount represented payment to petitioner of his share of fees to be received for services he had performed while a…
1Opinion of the Court
*328OPINION.
Harron:
The issue is whether $10,500 received by the petitioner in the year 1932 constituted capital gain or ordinary income. Petitioner contends that he erred in reporting in his gross income the amount of $10,500 as ordinary income along with other fees for professional services, so that petitioner alleges that the deficiency determined does not represent his true tax liability. During the taxable year petitioner had capital net losses aggregating $14,252.93. In his petition, petitioner claims that the $10,500 received in 1932 represents a capital net gain which should be applied…
2Cases cited2 opinions
- Blodgett v. SilbermanSupreme Court of the United States · 1928
- Missouri Pacific Railroad v. StroudSupreme Court of the United States · 1925
3Cited by4 opinions
- Pacific Fin. Corp. v. CommissionerUnited States Tax Court · 1953
- Doyle v. CommissionerUnited States Board of Tax Appeals · 1938
- Ely v. CommissionerUnited States Tax Court · 1960
- Gann v. CommissionerUnited States Board of Tax Appeals · 1940