Leisure Dynamics, Inc. v. Commissioner
United States Tax Court
Lakeside (now Leisure Dynamics) acquired the trademarks, trade names, and other property necessary for making Gumby toys under an agreement with Toy. Toy and its successors retained a security interest in the transferred property. Lakeside was required under the agreement to pay Toy or its successors for an indeterminate time a percentage of its sales of Gumby toys as part of the purchase price.
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Lakeside (now Leisure Dynamics) acquired the trademarks, trade names, and other property necessary for making Gumby toys under an agreement with Toy. Toy and its successors retained a security interest in the transferred property. Lakeside was required under the agreement to pay Toy or its successors for an indeterminate time a percentage of its sales of Gumby toys as part of the purchase price. Lakeside acquired the complete, unrestricted, and exclusive right to make Gumby toys under the agreement and subsequent modifications. Held: Lakeside's agreement with Toy comprised a sale rather than…
1Opinion of the Court
LEISURE DYNAMICS, INC., Petitioner v. COMMISSIONER OF INTERNAL REVENUE, Respondent
Leisure Dynamics, Inc. v. Commissioner
Docket No. 4472-69.
United States Tax Court
T.C. Memo 1973-36; 1973 Tax Ct. Memo LEXIS 248; 32 T.C.M. (CCH) 159; T.C.M. (RIA) 73036;
February 14, 1973, Filed
Lakeside (now Leisure Dynamics) acquired the trademarks, trade names, and other property necessary for making Gumby toys under an agreement with Toy. Toy and its successors retained a security interest in the transferred property. Lakeside was required under the agreement to pay Toy or its successors for an indeterminate…
2Cases cited11 opinions
- Massey Motors, Inc. v. United StatesSupreme Court of the United States · 1960
- Annabelle Candy Co. v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1962
- James H. Pickren and Lucie B. Pickren v. United StatesCourt of Appeals for the Fifth Circuit · 1967
- Estate of G. R. Gowdey, Deceased, and Verna E. Gowdey, and Surviving Spouse v. Commissioner of Internal RevenueCourt of Appeals for the Fourth Circuit · 1962
- Joe L. Schmitt, Jr., and Helen N. Schmitt v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1959
6 more not listed; retrieve them via the Exa API.
3Cited by2 opinions
- Leisure Dynamics, Inc., (Formerly Lakeside Industries, Inc.) v. Commissioner of Internal RevenueCourt of Appeals for the Eighth Circuit · 1974
- Syncsort Inc. v. United StatesUnited States Court of Federal Claims · 1994