Legal Opinion
Brian L. Nahey and Carol J. Nahey v. Commissioner of Internal Revenue
Court of Appeals for the Seventh Circuit
Decided January 28, 2000No. 99-1149PublishedCited by 20 opinions
1Opinion of the Court
POSNER, Chief Judge.
This appeal from a decision by the Tax Court against the taxpayers, Brian Nahey and his wife, presents a question that one might (wrongly) have supposed resolved long ere now: if a legal claim for lost corporate income is sold as part of the sale of the corporation, and is later settled, are the proceeds of the settlement ordinary income or capital gain? The Tax Court held they were ordinary income. 111 T.C. 256, 1998 WL 731580 (1998).
Wehr Corporation, a manufacturer of industrial equipment, sued Xerox Corporation for damages arising from Xerox’s alleged breach of a…
2Cases cited14 opinions
- Woodward v. CommissionerSupreme Court of the United States · 1970
- Arrowsmith v. CommissionerSupreme Court of the United States · 1952
- United States v. Skelly Oil Co.Supreme Court of the United States · 1969
- United States v. Hilton Hotels Corp.Supreme Court of the United States · 1970
- Harry F. Chaveriat, Jr. v. Williams Pipe Line CompanyCourt of Appeals for the Seventh Circuit · 1993
9 more not listed; retrieve them via the Exa API.
3Cited by20 opinions
- Freda v. COMMISSIONER OF INTERNAL REVENUECourt of Appeals for the Seventh Circuit · 2011
- Ill. Tool Works v. Comm'rUnited States Tax Court · 2001
- Cohan v. Comm'rUnited States Tax Court · 2012
- Illinois Tool Works Inc. And Subsidiaries v. Commissioner of Internal RevenueCourt of Appeals for the Seventh Circuit · 2004
- Patrick v. Comm'rUnited States Tax Court · 2014
15 more not listed; retrieve them via the Exa API.