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E. I. du Pont de Nemours and Co. v. United States
United States Court of Claims
471 F.2d 1211 (1973)
- Written by Daniel Clark, JD
Facts
E. I. du Pont de Nemours and Company (Du Pont) (plaintiff) transferred nonexclusive patent rights to a wholly owned subsidiary in exchange for stock. Du Pont claimed that the transfer was tax-free under § 351 of the Internal Revenue Code and did not include the value of the stock in its taxable income. The Internal Revenue Service (IRS), conversely, treated the value of the stock as taxable income to Du Pont and set off Du Pont’s tax refund accordingly. The IRS argued that nonexclusive licenses were not property for the purposes of applying § 351 and thus that the transfer was not tax-free. Du Pont brought suit against the United States (defendant) for the remainder of the refund.
Rule of Law
Issue
Holding and Reasoning (Davis, J.)
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