Estate of Carter v. Commissioner
United States Tax Court
Petitioners received certain sums as distributions from a trust, which sums arose from the settlement of litigation under the anti-trust laws. Held, the sums constituted ordinary income and not capital gains.
1Opinion of the Court
Tietjens, Judge:
The Commissioner determined the following deficiencies in income tax:
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For the year 1955 in Docket Nos. 80005 and 80006 and for the year 1956 in Docket Nos. 80007 and 80042, petitioners claim overpayments in unspecified amounts.
There are two issues to be decided. The first is whether certain sums received by petitioners as distributions from a trust, which sums arose from the settlement of litigation under the antitrust laws, were taxable as ordinary income or long-term capital gains.
The second issue is whether certain of the petitioners are entitled to deduct from…
2Cases cited8 opinions
- Commissioner v. Glenshaw Glass Co.Supreme Court of the United States · 1955
- Wichita Term. El. Co. v. Commissioner of Int. R.Court of Appeals for the Tenth Circuit · 1947
- Commissioner v. Gillette Motor Transport, Inc.Supreme Court of the United States · 1960
- Raytheon Production Corp. v. Commissioner of Int. Rev.Court of Appeals for the First Circuit · 1944
- Durkee v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 1947
3 more not listed; retrieve them via the Exa API.
3Cited by36 opinions
- Seay v. CommissionerUnited States Tax Court · 1972
- Roemer v. CommissionerUnited States Tax Court · 1982
- Estate of Scharf v. CommissionerUnited States Tax Court · 1962
- Bresler v. CommissionerUnited States Tax Court · 1975
- Messer v. CommissionerUnited States Tax Court · 1969
31 more not listed; retrieve them via the Exa API.