Brief Fact Summary. Petitioner is a well-known professional football player for the Green Bay Packers. He received a Corvette as an award for his performance in the championship game.
Synopsis of Rule of Law. All items which constitute gross income are to be included for the taxable year in which actually or constructively received.
The basis of constructive receipt is unfettered control over the actual date of receipt.View Full Point of Law
Issue. Whether the value of the car should in his gross income for the tax year 1962?
Held. Judge Hoyt issued the opinion for the Tax Court in holding that the value should have been included.
Discussion. The Tax Court found that constructive receipt means “unfettered control” and Petitioner failed to show that he met this standard. He could not have obtained the car the day of the award. The editor of Sports Magazine did not have the keys or title to transfer to him that day and the dealership, which was several states away, was closed.