Legal Opinion
Commissioner of Internal Revenue v. Percy W. Phillips and Betty R. Phillips (Husband and Wife)
Court of Appeals for the Fourth Circuit
Decided February 20, 1960No. 7857_1PublishedCited by 42 opinions
1Opinion of the Court
WALTER E. HOFFMAN, District Judge.
By this appeal we are called upon to consider the tax status of a transaction wherein the taxpayer, admittedly motivated by a desire to minimize taxes, sold an endowment policy twelve (12) days prior to its maturity, and thereafter treated the excess received by him, over and above the cost of said policy, as a capital gain. The Commissioner contends that the questioned transaction was merely a transfer of the right to receive ordinary income taxable as such. The Tax Court concluded the issue favorably to the taxpayer. Percy W. Phillips, (June 30, 1958) 30…
2Cases cited16 opinions
- Gregory v. HelveringSupreme Court of the United States · 1935
- Commissioner v. TowerSupreme Court of the United States · 1946
- Commissioner v. P. G. Lake, Inc.Supreme Court of the United States · 1958
- Hort v. CommissionerSupreme Court of the United States · 1941
- United States v. IshamSupreme Court of the United States · 1873
11 more not listed; retrieve them via the Exa API.
3Cited by42 opinions
- Christine L. Pounds as Independent of the Estate of Horace E. Pounds and Christine L. Pounds v. United StatesCourt of Appeals for the Fifth Circuit · 1967
- Simon Jaglom and Marie Jaglom v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1962
- S. C. Johnson & Son, Inc. v. CommissionerUnited States Tax Court · 1975
- Earl R. Wiseman, District Director of U.S. Treasury Department, Internal Revenue Service v. Halliburton Oil Well Cementing Company, a CorporationCourt of Appeals for the Tenth Circuit · 1962
- Helen D. Miller v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1962
37 more not listed; retrieve them via the Exa API.