Litvak v. Commissioner
United States Tax Court
The taxpayer, a motion picture director, purchased a literary property, expecting to sell it to an independent motion picture producer and to direct a picture based upon the story. He was not a dealer in literary properties.
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The taxpayer, a motion picture director, purchased a literary property, expecting to sell it to an independent motion picture producer and to direct a picture based upon the story. He was not a dealer in literary properties. Held, petitioner did not hold the literary property "primarily for sale to customers in the ordinary course of his trade or business" within the meaning of section 117 (a) (1) (A) of the Internal Revenue Code of 1939, and the gain derived by him upon sale of the story must be treated as capital gain. Fred MacMurray, 21 T. C. 15.
1Opinion of the Court
Anatole Litvak, Petitioner, v. Commissioner of Internal Revenue, Respondent
Litvak v. Commissioner
Docket No. 31244
United States Tax Court
23 T.C. 441; 1954 U.S. Tax Ct. LEXIS 25;
December 7, 1954, Filed
Decision will be entered under Rule 50.
The taxpayer, a motion picture director, purchased a literary property, expecting to sell it to an independent motion picture producer and to direct a picture based upon the story. He was not a dealer in literary properties. Held, petitioner did not hold the literary property "primarily for sale to customers in the ordinary course of his trade or business"…
2Cases cited2 opinions
- MacMurray v. CommissionerUnited States Tax Court · 1953
- Litvak v. CommissionerUnited States Tax Court · 1954