Russell v. Commissioner
United States Tax Court
R was an employee of NL Co. which had a tax-exempt pension trust under the terms of which the employer made contributions for the purchase of annuity contracts to provide retirement benefits for its employees. R was a beneficiary of the pension trust. Because of financial difficulties in 1955, NL Co. terminated the pension trust and its employees were given three options.
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R was an employee of NL Co. which had a tax-exempt pension trust under the terms of which the employer made contributions for the purchase of annuity contracts to provide retirement benefits for its employees. R was a beneficiary of the pension trust. Because of financial difficulties in 1955, NL Co. terminated the pension trust and its employees were given three options. R chose the option permitting him to retain the annuity policies without making additional payments and receive a lesser annuity at age 64, the maturity date of the policies. In October 1955, the policies representing R's…
1Opinion of the Court
OPINION
Dawson, Judge:
Despondent determined a deficiency in the income tax of petitioners for the year 1959 in the amount of $7,546.71.
Petitioners do not contest respondent’s disallowance of a medical deduction of $152.20. Consequently, the only issue for decision is whether petitioners realized ordinary income or capital gain upon the receipt in 1959 of $31,344.56 representing the proceeds of certain annuity contracts.
All of the facts have been stipulated by the parties and are adopted as our findings.
George E. Dussell (hereinafter called petitioner) and Marie M. Dussell filed their joint…
2Cases cited1 opinion
- United States v. Ophelia Johnson and Ophelia R. Johnson, as Under the Last Will and Testament of Clifford L. Johnson, DeceasedCourt of Appeals for the Fifth Circuit · 1964
3Cited by13 opinions
- Blyler v. CommissionerUnited States Tax Court · 1977
- Estate of Benjamin v. CommissionerUnited States Tax Court · 1970
- Cooper v. CommissionerUnited States Tax Court · 1975
- Estate of Jack A. Benjamin, Deceased, John F. Benjamin, Co-Executor and Alice U. Benjamin v. Commissioner of Internal RevenueCourt of Appeals for the Seventh Circuit · 1972
- Wilkins v. CommissionerUnited States Tax Court · 1970
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