Busse v. Commissioner
United States Tax Court
Petitioner sold a patent and his receipts were not entitled to capital gain treatment under sec. 1235, I.R.C. 1954, but were taxable as capital gains under other provisions of the Code. Held, since the transfer was described in sec. 1235(a), I.R.C. 1954, the payments fall within the exception prescribed by sec. 483(f)(4), I.R.C. 1954, to the unstated-interest provisions of sec. 483, I.R.C. 1954. Floyd G. Paxton, 53 T.C. 202 (1969), followed.
1Opinion of the Court
OPINION
Featherston, Judge:
Respondent determined a deficiency in petitioners’ Federal income tax for 1967 in the amount of $1,659.47. The only issue for decision is whether a portion of the payments received by petitioners during 1967 as consideration for the sale of a patent was unstated interest within the meaning of section 483.1
All the facts have been stipulated and are found accordingly.
At the time their petition was filed, petitioners were legal residents of Randolph, Wis. They filed their joint income tax return for 1967 on a cash basis with the district director of internal revenue,…
2Cases cited5 opinions
- United States v. American Trucking AssociationsSupreme Court of the United States · 1940
- International Trading Co. v. CommissionerUnited States Tax Court · 1971
- Gutierrez v. CommissionerUnited States Tax Court · 1969
- General Electric Company v. Melvin J. Burton, District Director of Internal RevenueCourt of Appeals for the Sixth Circuit · 1967
- Paxton v. CommissionerUnited States Tax Court · 1969
3Cited by24 opinions
- Zuanich v. CommissionerUnited States Tax Court · 1981
- Curtis T. Busse and Myrtle Busse v. Commissioner of Internal RevenueCourt of Appeals for the Seventh Circuit · 1973
- Tandy Corp. v. CommissionerUnited States Tax Court · 1989
- Exxon Corp. v. CommissionerUnited States Tax Court · 1994
- Ludwig v. CommissionerUnited States Tax Court · 1977
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