Legal Opinion
Curtis B. Woodson and Estate of Fern R. Woodson, Etc. v. Commissioner of Internal Revenue
Court of Appeals for the Fifth Circuit
Decided July 29, 1981No. 80-1657PublishedCited by 16 opinions
1Opinion of the Court
THORNBERRY, Circuit Judge:
Section 402(a)(2) of the Internal Revenue Code of 1954 1 provides that, to a limited extent, a recipient of a lump sum distribution from an employee trust may treat a portion of the total taxable amount as capital gain rather than as ordinary income. The tax court held that the trust’s status at the date of contribution — rather than at the date of distribution — controls eligibility for capital gains treatment of income. We disagree.
I
Curtis B. Woodson (taxpayer) was president of Gibson Products Company, a small, family-owned corporation liquidated on December 9,…
2Cases cited6 opinions
- United States v. CorrellSupreme Court of the United States · 1967
- Rowan Cos. v. United StatesSupreme Court of the United States · 1981
- United States v. Ophelia Johnson and Ophelia R. Johnson, as Under the Last Will and Testament of Clifford L. Johnson, DeceasedCourt of Appeals for the Fifth Circuit · 1964
- Harold D. Greenwald and Nana Greenwald, on Review v. Commissioner of Internal Revenue, on ReviewCourt of Appeals for the Second Circuit · 1966
- Jacob Abdalla and Mary T. Abdalla v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1981
1 more not listed; retrieve them via the Exa API.
3Cited by16 opinions
- Baetens v. CommissionerUnited States Tax Court · 1984
- Fazi v. CommissionerUnited States Tax Court · 1994
- Benbow v. CommissionerUnited States Tax Court · 1984
- Baetens v. CommissionerCourt of Appeals for the Sixth Circuit · 1985
- Henry T. Boggs and Jeanne Boggs v. Commissioner of Internal Revenue, Henry T. Boggs and Jeanne Boggs v. Commissioner of Internal RevenueCourt of Appeals for the Fourth Circuit · 1986
11 more not listed; retrieve them via the Exa API.