Chamberlin v. Commissioner
United States Tax Court
1. Laundri-Matic Corporation assigned to Chamberlin, in exchange for 26 shares of Laundri-Matic stock, the right to receive 26 per cent of all royalties payable to Laundri-Matic by Hydraulic Brake Company under an exclusive license agreement to make, use, and sell domestic laundry machines granted by Laundri-Matic to Hydraulic.
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1. Laundri-Matic Corporation assigned to Chamberlin, in exchange for 26 shares of Laundri-Matic stock, the right to receive 26 per cent of all royalties payable to Laundri-Matic by Hydraulic Brake Company under an exclusive license agreement to make, use, and sell domestic laundry machines granted by Laundri-Matic to Hydraulic. Held, the royalties received under this assignment in 1947, 1948, and 1949 are taxable as ordinary income rather than capital gain. 2. Held, payments received by Marian Chamberlin from Borg-Warner Corporation under an exclusive license agreement were not consideration…
1Opinion of the Court
Drennen, Judge:
In these consolidated proceedings respondent determined deficiencies in income tax and additions to tax for the above petitioners for tbe taxable years and in tbe amounts shown below:
Year Petitioner Deficiency Additions to tax, sec. 293(a), I.R.C. 1939
1947 John W. Chamberlin_ $23,502.98 $1,175.15
1947 Marian McMichael Chamberlin.. 1,887.91 (1)
1948 John W. Chamberlin and Marian McMichael Chamberlin-14,244.20 712.21
1949 John W. Chamberlin and Marian McMichael Chamberlin-22,007.44 1,100.37
Petitioners filed timely claims for refunds as follows:
Year Petitioner Amount
1947 John W.…
2Cases cited19 opinions
- Burnet v. LoganSupreme Court of the United States · 1931
- United States v. DavisSupreme Court of the United States · 1962
- Commissioner of Internal Revenue v. CarterCourt of Appeals for the Second Circuit · 1948
- Commissioner of Internal Revenue v. HopkinsonCourt of Appeals for the Second Circuit · 1942
- 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
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3Cited by32 opinions
- Estate of Sydney S. Baron, Sylvia S. Baron, Administratrix, and Sylvia S. Baron v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1986
- Lowe v. CommissionerUnited States Tax Court · 1965
- Anthony Campagna and Marie P. Campagna v. United StatesCourt of Appeals for the Second Circuit · 1961
- Nahey v. CommissionerUnited States Tax Court · 1998
- Birt E. Slater and Eleanor Slater v. Commissioner of Internal RevenueCourt of Appeals for the Tenth Circuit · 1966
27 more not listed; retrieve them via the Exa API.