Judkins v. Commissioner
United States Tax Court
Held, the lump-sum distribution received by petitioner in 1955 as a beneficiary of the employees' retirement plan of Waterman Steamship Company and subsidiaries was paid to him on account of his separation from the service of his employer and is taxable as gain from the sale or exchange of an asset held for more than 6 months.
1Opinion of the Court
OPINION.
Drennen, Judge:
Respondent determined a deficiency in petitioners’ income taxes for the calendar year 1955 in the amount of S4,177.35. The sole issue for decision is whether a lump-sum distribution of $18,949.75 received by Thomas E. Judkins, petitioner, in August of 1955 from the qualified retirement plan of the Waterman Steamship Corporation, his former employer, should be taxed as a long-term capital gain or as ordinary income.
This case was submitted on a stipulation of facts with a number of documents attached thereto as exhibits. The facts are found as stipulated and the…
2Cases cited5 opinions
- Miller v. CommissionerUnited States Tax Court · 1954
- Glinske v. CommissionerUnited States Tax Court · 1951
- Fry v. CommissionerUnited States Tax Court · 1952
- Fry's Estate v. Commissioner of Internal RevenueCourt of Appeals for the Third Circuit · 1953
- Harry K. Oliphint and Anna Leblanc Oliphint v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1956
3Cited by21 opinions
- 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
- United States v. Ben Martin and Rachel T. MartinCourt of Appeals for the Eighth Circuit · 1964
- E. N. Funkhouser and Estate of Nellie S. Funkhouser, Deceased, E. N. Funkhouser v. Commissioner of Internal RevenueCourt of Appeals for the Fourth Circuit · 1967
- Gittens v. CommissionerUnited States Tax Court · 1968
- Funkhouser v. CommissionerUnited States Tax Court · 1965
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