Swofford v. Commissioner
United States Tax Court
Held, the amount of $ 15,000 received by petitioner in 1964 upon his discharge as an officer from the U.S. Air Force based upon his length of service was severance pay taxable in full as ordinary income.
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Held, the amount of $ 15,000 received by petitioner in 1964 upon his discharge as an officer from the U.S. Air Force based upon his length of service was severance pay taxable in full as ordinary income. Such payment to petitioner did not qualify for capital gains treatment as a lump-sum distribution from an employees' trust or pension plan under the provisions of secs. 401 and 402, I.R.C. 1954; held, further, respondent's determination as to the allowable depreciation deduction on certain office equipment is sustained.
1Opinion of the Court
Herbert R. Swofford, Petitioner v. Commissioner of Internal Revenue, Respondent
Swofford v. Commissioner
Docket No. 3793-66
United States Tax Court
49 T.C. 128; 1967 U.S. Tax Ct. LEXIS 17;
November 28, 1967, Filed
Decision will be entered for the respondent.
Held, the amount of $ 15,000 received by petitioner in 1964 upon his discharge as an officer from the U.S. Air Force based upon his length of service was severance pay taxable in full as ordinary income. Such payment to petitioner did not qualify for capital gains treatment as a lump-sum distribution from an employees' trust or pension plan…
2Cases cited2 opinions
- Hoeppel v. WestoverDistrict Court, S.D. California · 1948
- Swofford v. CommissionerUnited States Tax Court · 1967