Nathan Putchat and Sally Putchat, Husband and Wife v. Commissioner of Internal Revenue

Third Circuit

Nathan Putchat and Sally Putchat, Husband and Wife v. Commissioner of Internal Revenue

425 F.2d 737

Court of Appeals for the Third Circuit·Decided June 30, 1970·No. 18292·Published·Cited by 7 cases

Opinion

OPINION OF THE COURT

PER CURIAM.

Nathan and Sally Putchat filed a joint federal income tax return for 1959. The Commissioner subsequently determined that they improperly reported as long-term capital gain $75,000.00 received in complete settlement of a lawsuit by Nathan seeking to enforce his rights under a contract. Taxpayers petitioned the Tax Court for a redetermination of the deficiency. The court rejected their petition, holding that “an amount received by petitioner as consideration for the release of all his rights under an employment contract * * * constitutes ordinary income.” 52 T.C. 470 (1969). This appeal followed.

We have reviewed the record made below in the light of the contentions of counsel both in their briefs and at oral argument. We are convinced that the Tax Court correctly decided the issues of fact and law and therefore affirm on its opinion.

The judgment of the Tax Court will be affirmed.

Free access — add to your briefcase to read the full text and ask questions with AI

OPINION OF THE COURT

PER CURIAM.

Nathan and Sally Putchat filed a joint federal income tax return for 1959. The Commissioner subsequently determined that they improperly reported as long-term capital gain $75,000.00 received in complete settlement of a lawsuit by Nathan seeking to enforce his rights under a contract. Taxpayers petitioned the Tax Court for a redetermination of the deficiency. The court rejected their petition, holding that “an amount received by petitioner as consideration for the release of all his rights under an employment contract * * * constitutes ordinary income.” 52 T.C. 470 (1969). This appeal followed.

We have reviewed the record made below in the light of the contentions of counsel both in their briefs and at oral argument. We are convinced that the Tax Court correctly decided the issues of fact and law and therefore affirm on its opinion.

The judgment of the Tax Court will be affirmed.

Nathan Putchat and Sally Putchat, Husband and Wife v. Commissioner of Internal Revenue, 425 F.2d 737 (3d Cir. 1970).

Pincite

425 F.2d 737 (Nathan Putchat and Sally Putchat, Husband and Wife v. Commissioner of Internal Revenue) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Opinion

Related