WILLIAM B. STOUT, PETITIONER,
v.
COMMISSIONER OF INTERNAL REVENUE, RESPONDENT
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The court held that the payment to the taxpayer was income, not part of the purchase price for a capital asset.
The taxpayer contended a payment was part of the purchase price for seven patents, but the Tax Court found it was income because there was no intent t…
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PER CURIAM.
■ This case was heard upon the record,, briefs and oral argument of counsel for1 respective parties;
And it appearing to the Court that the basic material facts are not in dispute between the parties; that the finding of the Tax Court that the payment to the taxpayer herein involved was income rather than part of the purchase price for the-sale of a capital asset in that there was no intent on the part of the taxpayer to> sell the seven patents involved herein to the Consolidated Aircraft Corporation for a purchase price of $115,000, as contended' by the taxpayer, is a factual inference be reasonably drawn from the facts; and that such a factual inference based on. evidence which permits conflicting inferences is to be accepted by this Court on review; Helvering v. F. & R. Lazarus &. Co., 308 U.S. 252, 60 S.Ct. 209, 84 L.Ed. 226; Wilmington Trust Co. v. Helvering, 316 U.S. 164, 168, 62 S.Ct. 984, 86 L.Ed. 1352; Commissioner v. Flowers, 326 U.S., 465, 470, 66 S.Ct. 250, 90 L.Ed. 203;
And it being settled law that in the: field of taxation the courts are concerned: with substance and realities and that formal written documents are not rigidly binding; Lucas v. Earl, 281 U.S. 111, 50 S.Ct. 241, 74 L.Ed. 731; Helvering v. F. & R. Lazarus & Co., supra; Griffiths v. Helvering, 308 U.S. 355, 60 S.Ct. 277, 84 L.Ed. 319;
It is ordered that the judgment of the Tax Court be and is affirmed. William B. Stout, 18 T.C.Mem. 851. See Blum v. Commissioner, 3 Cir., 183 F. 2d 281.
Cases With Similar Vibessemantic neighbors from the corpus
Citator
Cited By
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Switzer v. Commissioner OF Internal Revenue, 226 F.2d 329 (6th Cir. 1955)
Authorities Cited
- Lucas v. Earl, 281 U.S. 111 (U.S. 1930)
- Commissioner of Internal Revenue v. Flowers, 326 U.S. 465 (U.S. 1946)
- Griffiths v. Commissioner of Internal Revenue, 308 U.S. 355 (U.S. 1939)
- Helvering v. F. & R. Lazarus & Co., 308 U.S. 252 (U.S. 1939)
- Oklahoma v. Texas, 281 U.S. 694 (U.S. 1930)
- Wilmington Tr. Co. v. Helvering, 316 U.S. 164 (U.S. 1942)
- Blum v. Commissioner of Internal Revenue, 183 F.2d 281 (3d Cir. 1950)