Oswald v. Commissioner
United States Tax Court
Held, the Commissioner's determination that $ 2,918.17, which petitioners received in 1950 from the Alien Property Custodian as royalty income from property owned by petitioners should be allocated to the years 1945, 1946, and 1947, the years in which it was earned and received by the Alien Property Custodian, is taxable to the petitioners in those years, is approved.
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Held, the Commissioner's determination that $ 2,918.17, which petitioners received in 1950 from the Alien Property Custodian as royalty income from property owned by petitioners should be allocated to the years 1945, 1946, and 1947, the years in which it was earned and received by the Alien Property Custodian, is taxable to the petitioners in those years, is approved. Petitioners, who were on the cash basis, had returned the income for tax in 1950 and contend their method was correct because the amount was actually received in that year and was not constructively received in the years to…
1Opinion of the Court
OPINION.
Black, Judge:
[Respondent, in his brief, states the issue involved here as follows:
Where the Alien Property Custodian had been vested with income producing property are the owners liable for income taxes for the years during which such income was produced and received by the Custodian or in the year when, following divestment, the total amount is ultimately received by the owners?
We think respondent’s statement of the issue is correct.
The facts are not in dispute. It is stipulated that petitioners filed timely joint returns for the calendar years 1945, 1946, and 1950, and that they did…
2Cases cited1 opinion
- Kahle v. CommissionerCourt of Appeals for the Eighth Circuit · 1930
3Cited by1 opinion
- Oswald v. CommissionerUnited States Tax Court · 1955