Foy v. Commissioner
United States Tax Court
Petitioners sold their contract rights in a janitorial and building maintenance franchise network and reported the proceeds of the sale under the installment method of accounting. Held, petitioners sold capital assets which are entitled to capital gain treatment. Held, further, the proceeds properly were reported under the installment method.
1Opinion of the Court
Swift, Judge-.
Respondent determined deficiencies in petitioners James and Nancy Foy’s Federal income tax liabilities for the years 1976 and 1977, in the amounts of $2,095 and $3,683, respectively, and in petitioner Expansion Enterprises’ Federal income tax liabilities for the years 1975 and 1976, in the amounts of $12,288.29 and $70,822.74, respectively. Respondent also included in the notice of deficiency to petitioner Expansion Enterprises for the year 1975, an addition to tax pursuant to section 6651(a)(1)1 in the amount of $3,072.07.
The parties have reached a partial settlement, and the…
2Cases cited17 opinions
- Burnet v. HarmelSupreme Court of the United States · 1932
- Corn Products Refining Co. v. CommissionerSupreme Court of the United States · 1956
- Commissioner v. P. G. Lake, Inc.Supreme Court of the United States · 1958
- Commissioner v. BrownSupreme Court of the United States · 1965
- Commissioner v. Gillette Motor Transport, Inc.Supreme Court of the United States · 1960
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3Cited by17 opinions
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- Farrar v. CommissionerUnited States Tax Court · 1988
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