Marco v. Commissioner
United States Tax Court
Held, amounts received in 1951 by petitioner Vincent A. Marco, an inventor, who in a prior year had transferred his patents to a corporation for its sole and exclusive right to manufacture, use, and sell devices embodying the inventions disclosed or claimed in the Marco patents, in that portion of the United States west of the Mississippi River, were received as proceeds from the sale of patents, taxable as long-term capital gain under the provisions of section 117, Internal…
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Held, amounts received in 1951 by petitioner Vincent A. Marco, an inventor, who in a prior year had transferred his patents to a corporation for its sole and exclusive right to manufacture, use, and sell devices embodying the inventions disclosed or claimed in the Marco patents, in that portion of the United States west of the Mississippi River, were received as proceeds from the sale of patents, taxable as long-term capital gain under the provisions of section 117, Internal Revenue Code of 1939; held, further, that a similar holding is made as to amounts which petitioner received in 1951…
1Opinion of the Court
OPINION.
Black, Judge:
The Commissioner has determined a deficiency in petitioners’ income tax for the year 1951 of $31,694.42. The deficiency is due to an adjustment made to the income as reported on the joint return filed by petitioners for the calendar year 1951. This adjustment was: “(a) Ordinary income [increased] $50,590.91.” This is explained in the deficiency notice as follows:(a) In your income tax return for the calendar year 1951 you reported income from Marco Industries Company in the amount of $50,590.91 received by you pursuant to the terms of an agreement entered into by you and…
2Cases cited6 opinions
- Waterman v. MacKenzieSupreme Court of the United States · 1891
- Myers v. Comm'rUnited States Tax Court · 1946
- Commissioner of Internal Revenue v. HopkinsonCourt of Appeals for the Second Circuit · 1942
- United States v. Eben H. Carruthers and Nancy CarruthersCourt of Appeals for the Ninth Circuit · 1955
- Kronner v. United StatesUnited States Court of Claims · 1953
1 more not listed; retrieve them via the Exa API.
3Cited by41 opinions
- Ruge v. Comm'rUnited States Tax Court · 1956
- Coplan v. Comm'rUnited States Tax Court · 1957
- United States Mineral Products Co. v. CommissionerUnited States Tax Court · 1969
- Commercial Solvents Corp. v. CommissionerUnited States Tax Court · 1964
- Rodgers v. CommissionerUnited States Tax Court · 1969
36 more not listed; retrieve them via the Exa API.