Johnson v. Commissioner
United States Tax Court
One of petitioners advanced funds to an estate of which she was executrix for payment of administration expenses and taxes and was reimbursed for such advances with the approval of the Probate Court with jurisdiction over the estate by transfer by the estate to her of stock.
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One of petitioners advanced funds to an estate of which she was executrix for payment of administration expenses and taxes and was reimbursed for such advances with the approval of the Probate Court with jurisdiction over the estate by transfer by the estate to her of stock. The stock was transferred at a price which petitioner and the administrator c.t.a. agreed represented its fair market value (less an adjustment for blockage) at the time petitioner agreed to accept such stock as reimbursement. This price was less than the fair market value of the stock at the dates of its transfer to…
1Opinion of the Court
Scott, Judge:
Respondent determined deficiencies in petitioners’ income taxes for the taxable years 1955 and 1957 in tbe amounts of $81,478.78 and $2,926.81, respectively.
The issue for decision is whether tbe amounts of $41,600 in 1955 and $4,144.25 in 1957 which represented the difference between the fair market value at the date of transfer of common stock received by petitioner Dorothy L. Johnson in discharge of advances made to an estate of which she was executrix and the amount of such advances, constituted ordinary income. Respondent, in the alternative, contends that if these amounts…
2Cases cited17 opinions
- Kansas City Southern Railway Co. v. Guardian Trust Co.Supreme Court of the United States · 1930
- Hale v. HelveringCourt of Appeals for the D.C. Circuit · 1936
- Gruver v. Commissioner of Internal RevenueCourt of Appeals for the Fourth Circuit · 1944
- Herbert's Estate v. Commissioner of Internal RevenueCourt of Appeals for the Third Circuit · 1943
- Helvering v. RothCourt of Appeals for the Second Circuit · 1940
12 more not listed; retrieve them via the Exa API.
3Cited by3 opinions
- White Farm Equipment Co. v. CommissionerUnited States Tax Court · 1973
- Johnson v. CommissionerUnited States Tax Court · 1962
- White Farm Equipment Co. v. CommissionerUnited States Tax Court · 1973