Caulkins v. Commissioner
United States Tax Court
Petitioner, in 1928, acquired an "Accumulative Investment Certificate" under the terms of which the issuing company agreed to pay him, at the expiration of ten years if the payments provided for therein were made, an amount substantially greater than the aggregate of the payments made. The certificate was in registered form. During the taxable year it was retired by payment.
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Petitioner, in 1928, acquired an "Accumulative Investment Certificate" under the terms of which the issuing company agreed to pay him, at the expiration of ten years if the payments provided for therein were made, an amount substantially greater than the aggregate of the payments made. The certificate was in registered form. During the taxable year it was retired by payment. Held that the amount received in excess of the amount paid is taxable as a capital gain under section 117 (f) of the Revenue Act of 1938.
1Opinion of the Court
George Peck Caulkins, Petitioner, v. Commissioner of Internal Revenue, Respondent
Caulkins v. Commissioner
Docket No. 108422
United States Tax Court
1 T.C. 656; 1943 U.S. Tax Ct. LEXIS 223;
February 25, 1943, Promulgated
Decision will be entered under Rule 50.
Petitioner, in 1928, acquired an "Accumulative Investment Certificate" under the terms of which the issuing company agreed to pay him, at the expiration of ten years if the payments provided for therein were made, an amount substantially greater than the aggregate of the payments made. The certificate was in registered form. During the taxable…
2Cases cited5 opinions
- Fairbanks v. United StatesSupreme Court of the United States · 1939
- Helvering v. William Flaccus Oak Leather Co.Supreme Court of the United States · 1941
- McClain v. CommissionerSupreme Court of the United States · 1941
- Caulkins v. CommissionerUnited States Tax Court · 1943
- In re Investors SyndicateSupreme Court of Minnesota · 1920