RAYTHEON PRODUCTION CORPORATION V. COMMISSIONER 144 F.2d 110, cert denied 323 U.S. 779 (1944) CASE BRIEF

RAYTHEON PRODUCTION CORPORATION V. COMMISSIONER
144 F.2d 110, cert denied 323 U.S. 779 (1944)
NATURE OF THE CASE: This was a dispute over the tax status of a damages award. Raytheon (P) appealed a Tax Court holding that an amount received in settlement of federal antitrust suit for damages was taxable income.
FACTS: Raytheon filed a suit and alleged that the illegal conduct of R.C.A. completely destroyed the profitable interstate and foreign commerce of its tube business. Raytheon alleged that by 1928, its business with a value in excess of three million dollars was now worthless. The allegations and evidence of the amount of profits was used to establish good will and a method on which to recover a return of capital. The suit was ended in a compromise settlement. The IRS got involved and said that this settlement was taxable as income. Raytheon disagreed and appealed that decision.

ISSUE:


RULE OF LAW:


HOLDING AND DECISION:


LEGAL ANALYSIS:





Get free access to the entire content for Mac, PC or Online

for 2-3 days and free samples of all kinds of products.

https://bsmsphd.com




© 2007-2016 Abn Study Partner

No comments:

Post a Comment