The 34th International 500-Mile Sweepstakes was held at the Indianapolis Motor Speedway on Tuesday, May 30, 1950. The race was originally scheduled for 200 laps, but was stopped after 138 laps due to rain.

A rumor circulated in racing circles during and after this race that Johnnie Parsons's team discovered an irreparable crack in the engine block on race morning. The discovery supposedly precipitated Parsons to charge for the lap leader prizes. Presumably, he set his sights on leading as many laps as possible before the engine inevitably was to fail. Furthermore, the race ending early due to rain supposedly saved Parsons's day allowing him to secure the victory before the engine let go. However, the engine block crack was proved to be an urban myth, and it was said to be a very minor but acceptable level of porosity, which did not significantly affect the performance.