26 U.S.C. § 1241
Cancellation of lease or distributor’s agreement
Amounts received by a lessee for the cancellation of a lease, or by a distributor of goods for the cancellation of a distributor’s agreement (if the distributor has a substantial capital investment in the distributorship), shall be considered as amounts received in exchange for such lease or agreement.
Notes of Decisions
Cited in 3
cases, 1958–1997 · leading case: Comm'r of Internal Revenue v. José Ferrer, 304 F.2d 125 (2d Cir. 1962).
Comm'r of Internal Revenue v. José Ferrer, 304 F.2d 125 (2d Cir. 1962). “1958), although § 1241 of the 1954 Code, 26 U.S.C.A. § 1241 now rules otherwise if the distributor has a substantial capital investment therein.”
Comm'r of Internal Revenue v. The Pittston Co., 252 F.2d 344 (2d Cir. 1958). “The Congress has since the tax year here in question more fully provided for the application of the sale or exchange concept when a lease or distribution agreement is cancelled, by Section 1241 of the Internal Revenue Code of 1954, 26 U.S.C.A. § 1241 , allowing the more…”
Casas Off. MacHines, Inc. v. Mita Copystar Am., Inc., 961 F. Supp. 353 (D.P.R. 1997). “26 U.S.C. § 1241 . Hence, allowing the calculation of damages after taxes would be inequitable for we would be forcing the dealer to pay taxes twice.”
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