Legal Opinion
Westover v. Smith
Court of Appeals for the Ninth Circuit
Decided February 21, 1949No. 12019PublishedCited by 59 opinions
1Opinion of the Court
ORR, Circuit Judge.
This is an appeal from a decision of the district court holding that income received by Smith, the taxpayer, in 1941 and 1943 was taxable as capital gain rather than as ordinary income, and ordering a refund to the taxpayer of certain taxes erroneously collected.
The taxpayer was owner of all the stock of Quickwork Company, a corporation engaged in the manufacture and sale of machine tools. In 1940 Quickwork Company sold all of its assets to Whiting Corporation in exchange for cash and the right to receive 10% of the gross sales price of machinery to be manufactured and sold…
2Cases cited2 opinions
- Burnet v. LoganSupreme Court of the United States · 1931
- Commissioner of Internal Revenue v. CarterCourt of Appeals for the Second Circuit · 1948
3Cited by59 opinions
- Albert Gersten, Myron P. Beck and Ann H. Beck, Milton Gersten and Mary Gersten v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1959
- Osenbach v. Commissioner of Internal RevenueCourt of Appeals for the Fourth Circuit · 1952
- Fred M. Waring and Virginia Waring v. Commissioner of Internal RevenueCourt of Appeals for the Third Circuit · 1969
- Herald A. O'Neill and G. Evelyn O'neill, His Wife v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1959
- Osenbach v. CommissionerUnited States Tax Court · 1951
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