Legal Opinion
Benjamin I. Davis and Mollie M. (Myrtle S.) Davis v. Commissioner of Internal Revenue
Court of Appeals for the Sixth Circuit
Decided February 6, 1974No. 73-1477PublishedCited by 2 opinions
1Per curiam
The Commissioner of Internal Revenue appeals from the decision of the Tax Court, T.C.Memo. 1972-235. In an opinion announced by Judge Dawson, the Tax Court decided the case in favor of the taxpayers.
The sole question is whether the sale of a patent application which is not allowed by the Patent Office until ten months after the sale is the sale of “property of a character which is subject to the allowance for depreciation” within the meaning of § 1239(b) of the Internal Revenue Code. If so, the proceeds of the sale are taxable as ordinary income. If not, they are taxable as capital gains.
The…
2Cases cited3 opinions
- Estate of Stahl v. Comm'rUnited States Tax Court · 1969
- Lan Jen Chu and Grace Y. P. Chu v. Commissioner of Internal RevenueCourt of Appeals for the First Circuit · 1973
- Estate of William F. Stahl, Deceased, Marion B. Stahl, and Marion B. Stahl, Individually, and Cross-Appellants v. Commissioner of Internal Revenue, and Cross-Appellee. Marion B. Stahl, Individually and as of the Estate of William F. Stahl, Deceased, and Cross-Appellant v. United States of America, and Cross-AppelleeCourt of Appeals for the Seventh Circuit · 1971
3Cited by2 opinions
- Graham v. CommissionerUnited States Tax Court · 1981
- Graham v. CommissionerUnited States Tax Court · 1981