Westover v. Smith’s Empirical Analysis
173 F.2d 90 · 1949
Citation profile
42 federal appellate · 1 district ·
How this case has been cited
Cited by 75 later decisions — most recently January 2000 · most notably Gersten v. Commissioner (1959), Osenbach v. Commissioner (1952)
42 federal appellate · 1 district ·
Later decisions citing this case, by decade. The current decade is in progress, and our corpus holds fewer opinions from the most recent years, so the latest bars are undercounted — not a real decline.
Relationships
Applies 26 U.S.C. § 115
Relies on Burnet v. Logan · Commissioner v. Carter
Most-quoted passages
The sentences later courts lift from this opinion, ranked by how many decisions quote each — the parts of the opinion doing the work. These counts are smaller than the citation total above because most of the 75 citing decisions cite the case generally; a passage count includes only decisions quoting that exact language verbatim.
“[[Image here]] The decedent and Anna, in their joint 1953 Federal income tax return, reported the receipt, prior to the death of the decedent, of renewal commissions in the amount of $15,887.29 as long-term capital gain. Anna, who became the sole owner of said rights upon decedent’s death, reported in her 1954 Federal income tax return the receipt of renewal commissions in the amount of $11,217.45 as long-term capital gain. The A&A renewal commission rights were composed of two basic elements, which, for the purposes of this case, are termed the financial element and the contact element. The former is the expected' commission to be collected from the rights per se, and the latter is the customer list that said rights constitute, which may lead to future business, Although the renewal commission rights of a general agent are up to 5 years longer and of a different percentage than those of a subagent, the general agent’s and subagent’s rights are essentially of the same nature and their differences are not material. The financial element of the A&A renewal commission rights had an ascertainable fair market value at the time of their distribution to the decedent and Anna in 1950, and their fair market value at that time was $70,000. OPINION. 1. It is now well settled, and the parties acknowledge, that an exchange of corporate stock for assets in kind in a corporate liquidation is a closed transaction with respect to such assets as have an ascertainable fair market value at the t”
1 later decision quote this exact passage · from the majority“Although there was no ascertainable fair market value at the time of liquidation, we find nothing in the statute requiring the market value to he measured immediately. In such a situation the only practicable and accurate method of measuring the contract’s value is through the application of money to such valuation as it is received. The alternatives are to ascribe a fictitious or speculative value to the property, which was condemned in the Logan case, or to allow it no value, as urged by appellants. Such methods result in inaccuracies and inequities. We think the proper procedure is to measure the value of the contract as payments are received. [Emphasis supplied.]”
1 later decision quote this exact passage · from the majority“shall be the sum of any money received plus the fair market value of the property (other than money) received.”
1 later decision quote this exact passage · from the majority
How this case has been treated — in progress
Whether each later court followed, distinguished, criticized, or overruled this decision. The treatment classification (task #35) runs highest-cited cases first and lights up here as it reaches this one.