Legal Opinion
Richard R. Lawrence and Wife, Dorothy Lawrence v. United States
Court of Appeals for the Fifth Circuit
Decided March 21, 1957No. 16122PublishedCited by 35 opinions
1Opinion of the Court
RIVES, Circuit Judge.
The question for decision is whether the district court erred in entering judg ment n.o.v. on the ground that, as a matter of law, under Section 117(a) and (q) of the Internal Revenue Code of 1939 as amended, 1 royalties received by the taxpayer Lawrence as licensor of patent rights constituted ordinary income rather than capital gain.
Taxpayer Lawrence is the inventor of a device designed for the purpose of removing pipe and other obstructions from oil wells, known as a pulling or fishing tool. 2 On November 18, 1946, he entered into an agreement with Dailey Oil Tools, a…
2Cases cited5 opinions
- Waterman v. MacKenzieSupreme Court of the United States · 1891
- Allen, Collector of Internal Revenue v. WernerCourt of Appeals for the Fifth Circuit · 1951
- Rohmer v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1946
- Parke, Davis & Co. v. CommissionerUnited States Board of Tax Appeals · 1934
- Hunt Tool Company and Louis Davis v. Richard R. Lawrence, Dailey Oil Tools, Inc., and Houston Oil Field Materials Co., Inc.Court of Appeals for the Fifth Circuit · 1957
3Cited by35 opinions
- Bell Intercontinental Corporation v. The United StatesUnited States Court of Claims · 1967
- Rollman v. CommissionerCourt of Appeals for the Fourth Circuit · 1957
- Arthur M. And Ruth F. Young v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1959
- Merck & Co. v. SmithCourt of Appeals for the Third Circuit · 1958
- Vern H. Moberg and Reta N. Moberg v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1962
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