Lemery v. Commissioner
United States Tax Court
Petitioner, a Canadian citizen, realized a capital gain while living in the United States. In reliance upon O.D. 468, 2 C.B. 243 (1920), and article VIII of the Income Tax Convention and Protocol between the United States and Canada, 56 Stat. 1399, he did not report the gain on the Nonresident Alien Income Tax Return form which he filed for the short year of his departure.
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Petitioner, a Canadian citizen, realized a capital gain while living in the United States. In reliance upon O.D. 468, 2 C.B. 243 (1920), and article VIII of the Income Tax Convention and Protocol between the United States and Canada, 56 Stat. 1399, he did not report the gain on the Nonresident Alien Income Tax Return form which he filed for the short year of his departure. Respondent contends, inter alia, that the O.D. applies only to a jeopardy assessment procedure available to respondent. Held: Even assuming that petitioner is correct in contending that the O.D. applies generally to the…
1Opinion of the Court
OPINION
During the calendar year 1964 petitioner received $140,080.50 in exchange for shares of stock of Code-A-Phone. Bespondent determined that 50 percent of the amount received was taxable as a long-term capital gain (sec. 1202) .4 Petitioner, however, contends that he is exempt from the tax on capital gains under article VIII of the Income Tax Convention and Protocol between the United States and Canada, March 4, 1942, as amended, 56 Stat. 1399 (effective Jan. 1, 1941) (hereinafter sometimes referred to as treaty), and respondent concedes that under Code sections 894 and 7852(d),…
2Cases cited5 opinions
- Helvering v. WinmillSupreme Court of the United States · 1938
- Helvering v. New York Trust Co.Supreme Court of the United States · 1934
- Sullivan v. United StatesSupreme Court of the United States · 1954
- Adams v. CommissionerUnited States Tax Court · 1966
- Friedman v. CommissionerUnited States Tax Court · 1961
3Cited by25 opinions
- Pessin v. CommissionerUnited States Tax Court · 1972
- Dillin v. CommissionerUnited States Tax Court · 1971
- Newberry v. CommissionerUnited States Tax Court · 1981
- Schoneberger v. CommissionerUnited States Tax Court · 1980
- Norma Williams v. United StatesCourt of Appeals for the Eleventh Circuit · 1983
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