Starr Bros., Inc. v. Commissioner
United States Tax Court
Capital Gain -- Sale of Exclusive License to Grantor. -- A contract entered into in 1903 granting an exclusive license to the petitioner to sell the products of a drug company in a specified city was a capital asset, and the sum received by the petitioner in 1943 from the drug company for the termination of that license was payment for the sale of a capital asset.
1Opinion of the Court
OPINION.
Arundelb, Judge:
The issue in this proceeding is the narrow one of whether the amount of $6,394.57 received by the petitioner in 1943 from United Drug Company was capital gain or ordinary income. The petition makes mention of a March 1, 1913, value, but this was not developed at the trial or on brief, and the parties have presented the case on the theory that the entire amount received was income.
The statute defines as capital assets “property held by the taxpayer” with certain exclusions that are not presently material. Internal Revenue Code section 117 (a) (1). Capital gain is the…
2Cases cited6 opinions
- Hort v. CommissionerSupreme Court of the United States · 1941
- Jones, Collector of Internal Revenue v. CorbynCourt of Appeals for the Tenth Circuit · 1950
- Golonsky v. CommissionerUnited States Tax Court · 1951
- McAllister v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1946
- Estate of Remington v. CommissionerUnited States Tax Court · 1947
1 more not listed; retrieve them via the Exa API.
3Cited by24 opinions
- Ray v. CommissionerUnited States Tax Court · 1952
- Kingsbury v. CommissionerUnited States Tax Court · 1976
- Goff v. CommissionerUnited States Tax Court · 1953
- Metropolitan Bldg. Co. v. CommissionerUnited States Tax Court · 1959
- Estate of Israel v. CommissionerUnited States Tax Court · 1997
19 more not listed; retrieve them via the Exa API.