U.S. Court of Appeals for the Sixth Circuit, 1954

Peggy Hudson Ogilvie, Admx. v. Commissioner of Internal Revenue, Hillsman Taylor v. Commissioner of Internal Revenue

U.S. Court of Appeals for the Sixth Circuit · Decided October 20, 1954 · Allen, McALLISTER, Miller, Per Curiam

216 F.2d 748; 46 A.F.T.R. (P-H) 1089; 1954 U.S. App. LEXIS 4358 (Federal Reporter, Second Series)

Counsel

P. K. Seidman, Memphis, Tenn., for petitioner., H. Brian Holland, Daniel A. Taylor, John M. Morawski, Ellis N. Slack, and Dudley J. Godfrey, Jr., John J. Kelley, Jr., Washington, D. C., for respondent.

Cases that cite this one

9 later published cases cite this decision.

Brian L. Nahey and Carol J. Nahey v. Commissioner of Internal Revenue (7th Cir. 2000)
Nahey v. Commissioner (United States Tax Court 1998)
Ernest L. Wilkinson and Alice L. Wilkinson v. The United States (Court of Claims 1962)
Zobel v. Commissioner (United States Tax Court 1957)
William T. and Nicole L. Gladden v. Commissioner (United States Tax Court 1999)
Brian L. and Carole J. Nahey v. Commissioner (United States Tax Court 1998)
Christine L. Pounds as Independent of the Estate of Horace E. Pounds and Christine L. Pounds v. United States (5th Cir. 1967)
Johnson v. Commissioner (United States Tax Court 1962)
Harold Wener v. Commissioner of Internal Revenue, Molly Wener v. Commissioner of Internal Revenue (9th Cir. 1957)

This list shows which later cases cite this one. It does not say how they treated it, and no review of that has been done. Not a substitute for Shepard’s or KeyCite — verify before relying.

Opinion

PER CURIAM.

This cause was heard upon the record, briefs and argument of counsel for the respective parties;

And the Court being of the opinion that the receipt by the petitioners in May 1945 of $21,150 in cash from the judgment debtor Cole “in full settlement” of the $75,702.12 judgment against him, which petitioners had purchased in June 1943 from the judgment creditor for $11,004, was not a “sale or exchange of a capital asset” within the meaning of Section 117(a) (4), Internal Revenue Code, 26 U.S.C.A.; United States v. Bur *749 rows Bros. Co., 6 Cir., 133 F.2d 772; Wenger v. Commissioner, 42 B.T.A. 225, 232, affirmed 6 Cir., 127 F.2d 523, certiorari denied 317 U.S. 646, 63 S.Ct. 40, 87 L.Ed. 520; Hale v. Helvering, 66 App.D.C. 242, 85 F.2d 819 ; Fairbanks v. United States, 306 U.S. 436, 59 S.Ct. 607, 83 L.Ed. 855; Helvering v. William Flaccus Oak Leather Co., 313 U.S. 247, 61 S.Ct. 878, 85 L.Ed. 1310.

And that the Tax Court was not in error in treating the transaction as one resulting in ordinary income to the taxpayer and not constituting a long-term capital gain. Hudson v. C. I. R., 20 T.C. 734; compare: Commissioner of Internal Revenue v. Starr Bros., 2 Cir., 204 F.2d 673; Commissioner of Internal Revenue v. McCue Bros. & Drummond, Inc., 2 Cir., 210 F.2d 752.

It is ordered that the judgment of the Tax Court be affirmed.

Case-law data current through December 31, 2025. Source: CourtListener bulk data.