Legal Opinion
Arthur J. Gray and Esther Gray v. Commissioner of Internal Revenue
Court of Appeals for the Ninth Circuit
Decided April 16, 1981No. 79-7253PublishedCited by 3 opinions
1Opinion of the Court
CHOY, Circuit Judge:
Arthur J. Gray (taxpayer) received a total of $68,000 at the time certain lease and management contracts were terminated. In 1972 when the payments were made, taxpayer deducted the amounts as ordinary business expenses. In 1973 when taxpayer recovered the amounts, he treated them as long-term capital gains. The Commissioner of Internal Revenue (Commissioner) asserted that the $68,000 received by taxpayer was ordinary income and accordingly determined a deficiency in taxpayer’s 1973 federal income taxes. The Tax Court upheld the Commissioner, 71 T.C. 95 (1978). We affirm.
BAC…
2Cases cited5 opinions
- Frank Lyon Co. v. United StatesSupreme Court of the United States · 1978
- Hort v. CommissionerSupreme Court of the United States · 1941
- Metropolitan Building Company v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1960
- Gray v. CommissionerCourt of Appeals for the Ninth Circuit · 1977
- Gray v. CommissionerUnited States Tax Court · 1978
3Cited by3 opinions
- Snow v. A. H. Robins Co.California Court of Appeal · 1985
- Burns v. CommissionerUnited States Tax Court · 1982
- Burns v. CommissionerUnited States Tax Court · 1982