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McDERMOTT v. COMMISSIONER

Docket No. 89107.

41 T.C. 50 (1963)

JULIAN A. McDERMOTT AND MILDRED A. McDERMOTT, PETITIONERS, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Filed October 14, 1963.

Attorney(s) appearing for the Case

Mildred A. McDermott and Julian A. McDermott, pro se.

Joseph Wilkes, for the respondent.

BRUCE, Judge:

Respondent determined a deficiency in the income tax of the petitioners for 1955 in the amount of $719.10. The principal issue is whether certain amounts received by petitioner Julian from the McDermott Corp. in 1955 are taxable as ordinary income from royalties or as capital gains from the sale of patents. If there was a sale of the patents, the question then arises whether and to what extent the gains represented long-term or short-term capital...

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