Ruben v. Commissioner
United States Board of Tax Appeals
By a decree of the District Court, petitioners' decedent and two other individuals, a trust to which they had transferred property, and a successor corporation of which they owned all the shares of stock, were held individually liable for the payment of a large sum of money.
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By a decree of the District Court, petitioners' decedent and two other individuals, a trust to which they had transferred property, and a successor corporation of which they owned all the shares of stock, were held individually liable for the payment of a large sum of money. An appeal was taken from the judgment and while the case was pending in the Circuit Court of Appeals for the Eighth Circuit it was compromised in 1929 upon the payment by the corporation of $251,000. The petitioners' decedent owned one-fourth of the shares of stock of the corporation and the respondent has determined a…
1Opinion of the Court
OPINION.
Smith :
This proceeding is for the redetermination of a deficiency in income tax for 1929 of $15,425.48. The petitioners admit liability for a deficiency of $1,836.44.
The question in issue before the Board is whether the petitioners’ decedent derived any taxable income from the payment of $251,000 in 1929 by a corporation, of which he owned one-fourth of the capital stock, in settlement of an equity decree which included not only a money judgment for $351,542.81, but also a decree for rescission and cancellation of 25,716 shares of Miles Theatre Co. stock. The decree was against the…
2Cases cited6 opinions
- Welch v. HelveringSupreme Court of the United States · 1933
- Old Colony Trust Co. v. CommissionerSupreme Court of the United States · 1929
- Douglas v. WillcutsSupreme Court of the United States · 1935
- Wickwire v. ReineckeSupreme Court of the United States · 1927
- United States v. Boston & Maine RailroadSupreme Court of the United States · 1929
1 more not listed; retrieve them via the Exa API.
3Cited by18 opinions
- Sachs v. CommissionerUnited States Tax Court · 1959
- Yelencsics v. CommissionerUnited States Tax Court · 1980
- Commissioner v. MakranskyCourt of Appeals for the Third Circuit · 1963
- Schwartz v. CommissionerUnited States Tax Court · 1978
- Ruben v. Commissioner of Internal RevenueCourt of Appeals for the Eighth Circuit · 1938
13 more not listed; retrieve them via the Exa API.