Jones v. Commissioner
United States Tax Court
1. Petitioner, a retired employee of an oil company, received substantial sums annually under a retirement contract, which had been purchased by his employer from an insurance company and fully paid for by the employer. The cost of the contract had not been included (or includible) in petitioner's gross income in the year purchased or in the year when his rights under it had become vested.
Read the full summary
1. Petitioner, a retired employee of an oil company, received substantial sums annually under a retirement contract, which had been purchased by his employer from an insurance company and fully paid for by the employer. The cost of the contract had not been included (or includible) in petitioner's gross income in the year purchased or in the year when his rights under it had become vested. Held that the amounts received each year must be included in gross income and no portion thereof may be excluded under section 22 (b) (2), I. R. C. 2. Prior to the taxable years petitioner, in the manner…
1Opinion of the Court
OPINION.
Mellott, tJudge:
Petitioner concedes that he erroneously reported amounts received as nontaxable income.4 He argues, however, that they should not be included in gross income, but should be taxed as annuities under section 22 (b) (2), I. E. C.5 The first question, therefore, as indicated at. the outset, is: Where an employer purchases and pays for a contract under which a retired employee is paid an annuity, shall the employee include in his gross income the entire amount received, or may he be permitted to exclude from gross income the excess of the amount received in the taxable year…
2Cases cited12 opinions
- Lucas v. EarlSupreme Court of the United States · 1930
- Helvering v. HorstSupreme Court of the United States · 1940
- Old Colony Trust Co. v. CommissionerSupreme Court of the United States · 1929
- Brewster v. GageSupreme Court of the United States · 1930
- Helvering v. EubankSupreme Court of the United States · 1941
7 more not listed; retrieve them via the Exa API.
3Cited by32 opinions
- Lincoln Electric Co. v. CommissionerUnited States Tax Court · 1946
- Higgs' Estate v. Commissioner of Internal RevenueCourt of Appeals for the Third Circuit · 1950
- State v. PollockSupreme Court of Alabama · 1948
- United States v. DrescherCourt of Appeals for the Second Circuit · 1950
- Hackett v. CommissionerCourt of Appeals for the First Circuit · 1946
27 more not listed; retrieve them via the Exa API.