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WATKINS v. UNITED STATES

No. 108, Docket 24663.

252 F.2d 722 (1958)

James R. WATKINS and Lucile L. Watkins, Appellants, v. UNITED STATES of America, Appellee.

United States Court of Appeals Second Circuit.

Decided February 26, 1958.

Attorney(s) appearing for the Case

John H. Weir, New Haven, Conn. (Curtiss K. Thompson, New Haven, Conn., on the brief), for plaintiffs-appellants, James R. Watkins and Lucile L. Watkins.

John N. Stull, Department of Justice, Washington, D. C. (Charles K. Rice, Asst. Atty. Gen., Lee A. Jackson, Harry Baum, Grant W. Wiprud, Attorneys, Department of Justice, Washington, D. C., Simon S. Cohen, U. S. Atty., for the District of Connecticut, Hartford, Conn., on the brief), for appellee, United States of America.

Before CLARK, Chief Judge, MOORE, Circuit Judge, and LEIBELL, District Judge.

MOORE, Circuit Judge.

The primary question on this appeal is whether royalty payments received by an inventor, James R. Watkins, and his wife (the taxpayers), during the years 1949 through 1952 from an assignment of the patents should have been treated as capital gains derived from a sale of assets held more than six months (i. e. payments on account of the purchase price of the patents) or were merely ordinary income received under a licensing agreement. The district...

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