Kuttroff v. Commissioner
United States Tax Court
1. Awards -- Mixed Claims -- Basis vs. Interest. -- The petitioner received payments during the tax years on an award by the Mixed Claims Commission, United States and Germany. The total amount of the principal award had been received in prior years. Held, the award of interest on the principal award was not a part of the basis and all amounts received in the tax years were interest income.
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1. Awards -- Mixed Claims -- Basis vs. Interest. -- The petitioner received payments during the tax years on an award by the Mixed Claims Commission, United States and Germany. The total amount of the principal award had been received in prior years. Held, the award of interest on the principal award was not a part of the basis and all amounts received in the tax years were interest income. Edna S. Ullman, 34 T.C. 1107, followed. 2. Awards -- Mixed Claims -- Contested Claim-Basis. -- A contested claim settled by a compromise on a dollar amount award does not take a basis larger than the award…
1Opinion of the Court
OPINION.
Murdock, Judge:
The Commissioner determined deficiencies in income tax of $375.67 for 1955 and $307.52 for 1956. The only issue for decision is whether distributions received by the petitioner in each year from the German Special Deposit Account as partial payments on awards of the Mixed Claims Commission were taxable as interest or were a return of capital.
The parties have presented the facts by a stipulation. The returns for the. tax years were filed with the director of internal revenue for the Lower Manhattan District of New York.
The petitioner received payments during each tax…
2Cases cited2 opinions
- Ullman v. CommissionerUnited States Tax Court · 1960
- Ullmann v. CommissionerUnited States Board of Tax Appeals · 1934
3Cited by3 opinions
- Agency of Canadian Car & Foundry Co. v. CommissionerUnited States Tax Court · 1962
- Agency of Canadian Car & Foundry Co. v. CommissionerUnited States Tax Court · 1962
- Kuttroff v. CommissionerUnited States Tax Court · 1962