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Income Tax Keyed to Bankman
Heim v. Fitzpatrick
Citation:
262 F.2d 887 (2d Cir. 1959)Facts
In 1942, Petitioner created a corporation called The Heim Company and assigned to it his rod end and spherical bearing invention and any corresponding patents that may issue. Assignment to the Company was pursuant to an agreement whereby, among other clauses, the Company would pay royalties on new types of bearings according to an agreed upon price prior to the manufacture of new bearings. Additionally, Petitioner retained an option to cancel the agreement and revert all rights back to him if royalties were to fall under a certain threshold. Petitioner subsequently assigned most of his ownership interest in the Company as a gift to his wife, son, and daughter. The Commissioner of Internal Revenue asserted a deficiency when Petitioner failed to include income from royalty payments that were paid to his family members, per the assignment.
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