Legal Opinion
Clement O. Dennis and Genia Lee Dennis v. Commissioner of Internal Revenue
Court of Appeals for the Fifth Circuit
Decided January 17, 1973No. 72-1813PublishedCited by 20 opinions
1Opinion of the Court
GOLDBERG, Circuit Judge:
This is an appeal from a decision of the United States Tax Court holding that collections upon a corporate note received by taxpayer-appellant in a transaction made nontaxable by Section 351 of the 1954 Code must be reported as ordinary income in the year of receipt. We hold, in affirming the Tax Court, that its factual findings are not clearly erroneous and that taxpayer was not entitled to capital gain treatment on the amounts collected on the corporate note.
The factual context out of which this appeal arises is fully set forth in the Tax Court’s opinion, reported at…
2Cases cited23 opinions
- Commissioner v. South Texas Lumber Co.Supreme Court of the United States · 1948
- Commissioner v. BrownSupreme Court of the United States · 1965
- Burnet v. LoganSupreme Court of the United States · 1931
- General Utilities & Operating Co. v. HelveringSupreme Court of the United States · 1935
- Helvering v. SalvageSupreme Court of the United States · 1936
18 more not listed; retrieve them via the Exa API.
3Cited by20 opinions
- Roth Steel Tube Company v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 1986
- Yamamoto v. CommissionerUnited States Tax Court · 1980
- Warren Jones Company v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1975
- National-Standard Company v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 1984
- Estate of Meade v. CommissionerCourt of Appeals for the Fifth Circuit · 1974
15 more not listed; retrieve them via the Exa API.