Jack, a tenured university professor, has been a malcontent for many years at Rockport University. The university has recently offered to pay $200,000 to Jack if he will relinquish his tenure position and resign. Jack is of the opinion that tenure is an intangible capital asset and the $200,000 received for release of the tenure should be a long-term capital gain. Explain why you agree or disagree.
A partial list of research sources is
• Harry M. Flower, 61 T.C. 140 (1973)
• Estelle Goldman, 1975 PH T.C. Memo ¶75,138, 34 TCM 639