Mittleman v. Commissioner
United States Tax Court
In 1962, M entered into a contract for the purchase of certain stock from S and into another contract for the sale of a portion of such stock to G. G agreed to make a downpayment and to make periodic payments for the balance of the purchase price, and in the event he did not complete the periodic payments, the downpayment and one-third of the periodic payments were to be returned to him.
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In 1962, M entered into a contract for the purchase of certain stock from S and into another contract for the sale of a portion of such stock to G. G agreed to make a downpayment and to make periodic payments for the balance of the purchase price, and in the event he did not complete the periodic payments, the downpayment and one-third of the periodic payments were to be returned to him. In 1963, M and G entered into another contract stating that G was withdrawing from the earlier arrangement and that M would repurchase G's stock for an amount approximately equal to the amount to be returned…
1Opinion of the Court
Simpson, Judge:
The respondent determined a deficiency of $11,-907.56 in the petitioner’s 1963 Federal income tax. The issue for decision is whether the petitioner realized a gain, which is taxable as ordinary income, as a result of the termination of a contract by which he was to sell certain stock.
FINDINGS OP PACT
Some of the facts have been stipulated, and those facts are so found.
The petitioners, Meyer Mittleman and Paula Mittleman, are husband and wife, who maintained their residence in Teaneek, N.J., at the time of filing their petition in this case. They filed their joint 1963 Federal…
2Cases cited12 opinions
- Commissioner v. DanielsonCourt of Appeals for the Third Circuit · 1967
- Danielson v. CommissionerUnited States Tax Court · 1965
- Ullman v. CommissionerCourt of Appeals for the Second Circuit · 1959
- Schmitz v. CommissionerUnited States Tax Court · 1968
- Pacific Coast Music Jobbers, Inc. v. CommissionerUnited States Tax Court · 1971
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3Cited by23 opinions
- Lucas v. CommissionerUnited States Tax Court · 1972
- Derr v. CommissionerUnited States Tax Court · 1981
- Illinois Power Co. v. CommissionerUnited States Tax Court · 1986
- Philip Handelman and Esther Handelman v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1975
- Groetzinger v. CommissionerUnited States Tax Court · 1986
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