Getty v. Commissioner
United States Tax Court
Petitioner sued the residuary beneficiary of his father's estate, claiming an unfulfilled promise for a bequest of property. The litigation was settled for a lump-sum payment. Held: (1) The form of the action filed by petitioner was not controlling. (2) The payment was not shown to be exempt under sec. 102(a), I.R.C. 1954, as amended. (3) The amount received is taxable at ordinary rates.
1Opinion of the Court
Jean Ronald Getty and Karin Getty, Petitioners v. Commissioner of Internal Revenue, Respondent
Getty v. Commissioner
Docket No. 18726-85
United States Tax Court
91 T.C. 160; 1988 U.S. Tax Ct. LEXIS 97; 91 T.C. No. 16;
July 27, 1988; As amended July 29, 1988 July 27, 1988, Filed
Decision will be entered under Rule 155.
Petitioner sued the residuary beneficiary of his father's estate, claiming an unfulfilled promise for a bequest of property. The litigation was settled for a lump-sum payment. Held: (1) The form of the action filed by petitioner was not controlling. (2) The payment was not shown to be…
2Cases cited18 opinions
- Jack E. Golsen and Sylvia H. Golsen v. Commissioner of Internal RevenueCourt of Appeals for the Tenth Circuit · 1971
- Bingler v. JohnsonSupreme Court of the United States · 1969
- Lyeth v. HoeySupreme Court of the United States · 1938
- United States v. StewartSupreme Court of the United States · 1940
- Michael L. Rockwell, and Regina Rockwell v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1975
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