Green v. Comm'r
United States Tax Court
P was a limited partner in a partnership formed to acquire, develop, and license four unpatented inventions. The partnership executed, on the same day, an acquisition agreement, a research and development agreement, and an exclusive license agreement with respect to each of the four inventions. Under the acquisition agreements, the partnership acquired all of the rights in the inventions from the inventors thereof.
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P was a limited partner in a partnership formed to acquire, develop, and license four unpatented inventions. The partnership executed, on the same day, an acquisition agreement, a research and development agreement, and an exclusive license agreement with respect to each of the four inventions. Under the acquisition agreements, the partnership acquired all of the rights in the inventions from the inventors thereof. Under the research and development agreements, the partnership agreed to pay N $ 650,000 over 3 years to develop the inventions into commercially exploitable products. Under the…
1Opinion of the Court
OPINION
Simpson, Judge:
This matter is before the Court on the Commissioner’s motion for partial summary judgment pursuant to Rule 121, Tax Court Rules of Practice and Procedure.1 The issues raised by the motion are: (1) Whether four "Exclusive License Agreements” executed by LaSala, Ltd. (LaSala), effected a sale of the four inventions covered thereunder to National Patent Development Corp. (NPDC) on the same day as such inventions were acquired by LaSala; (2) whether LaSala received a depreciable license or other asset in return for its sale of the licenses; (3) whether LaSala is entitled to…
2Cases cited44 opinions
- First Nat. Bank of Ariz. v. Cities Service Co.Supreme Court of the United States · 1968
- Deputy, Administratrix v. Du PontSupreme Court of the United States · 1940
- Higgins v. CommissionerSupreme Court of the United States · 1941
- Waterman v. MacKenzieSupreme Court of the United States · 1891
- Whipple v. CommissionerSupreme Court of the United States · 1963
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3Cited by76 opinions
- Bernard A. Levin, Phyllis Levin, Alan T. Hrabosky, and Delores Hrabosky v. Commissioner of Internal RevenueCourt of Appeals for the Seventh Circuit · 1987
- Drobny v. CommissionerUnited States Tax Court · 1986
- Levin v. CommissionerUnited States Tax Court · 1986
- Smith v. CommissionerUnited States Tax Court · 1988
- Burton L. Spellman and Roslyn Spellman v. Commissioner of Internal RevenueCourt of Appeals for the Seventh Circuit · 1988
71 more not listed; retrieve them via the Exa API.