Gann v. Commissioner
United States Board of Tax Appeals
1. The amount received by an employee from his employer in consideration for the cancellation of a contract of employment which had several years to run, held ordinary income and not capital gain. 2. The income realized under the circumstances referred to above may not be reduced by the claimed value of a right to receive a pension where the contract makes no mention of the relinquishment of such right and the evidence does not establish that the taxpayer did not thereafter…
Read the full summary
1. The amount received by an employee from his employer in consideration for the cancellation of a contract of employment which had several years to run, held ordinary income and not capital gain. 2. The income realized under the circumstances referred to above may not be reduced by the claimed value of a right to receive a pension where the contract makes no mention of the relinquishment of such right and the evidence does not establish that the taxpayer did not thereafter continue to serve his employer in some other capacity. 3. The deduction of dues paid to an athletic club may not, under…
1Opinion of the Court
GEORGE K. GANN, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Gann v. Commissioner
Docket No. 88986.
United States Board of Tax Appeals
41 B.T.A. 388; 1940 BTA LEXIS 1187;
February 16, 1940, Promulgated
1. The amount received by an employee from his employer in consideration for the cancellation of a contract of employment which had several years to run, held ordinary income and not capital gain.
2. The income realized under the circumstances referred to above may not be reduced by the claimed value of a right to receive a pension where the contract makes no mention of the…
2Cases cited24 opinions
- Deputy, Administratrix v. Du PontSupreme Court of the United States · 1940
- Eisner v. MacOmberSupreme Court of the United States · 1920
- Lyeth v. HoeySupreme Court of the United States · 1938
- Bowers v. Kerbaugh-Empire Co.Supreme Court of the United States · 1926
- Arkansas Valley Smelting Co. v. Belden Mining Co.Supreme Court of the United States · 1888
19 more not listed; retrieve them via the Exa API.