Propper v. Commissioner
United States Board of Tax Appeals
1. The entire amount of gain upon the sale or exchange of property must be first determined under section 111 of the Revenue Act of 1928, but if the transaction falls within subdivision (c) of section 112 of the act, that is, if stock, in addition to money and other property, is received then the gain shall be recognized only in an amount not in excess of the sum of money and the fair market value of property other than the stock so received. 2. Id. - The value of stock…
Read the full summary
1. The entire amount of gain upon the sale or exchange of property must be first determined under section 111 of the Revenue Act of 1928, but if the transaction falls within subdivision (c) of section 112 of the act, that is, if stock, in addition to money and other property, is received then the gain shall be recognized only in an amount not in excess of the sum of money and the fair market value of property other than the stock so received. 2. Id. - The value of stock received in the transaction aforesaid determined.
1Opinion of the Court
LEO PROPPER, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
BERNARD KAHN, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
SAMUEL KAHN, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Propper v. Commissioner
Docket Nos. 57672, 57673, 57806.
United States Board of Tax Appeals
33 B.T.A. 261; 1935 BTA LEXIS 778;
October 23, 1935, Promulgated
1. The entire amount of gain upon the sale or exchange of property must be first determined under section 111 of the Revenue Act of 1928, but if the transaction falls within subdivision (c) of section 112 of the act, that is,…
2Cases cited1 opinion
- Propper v. CommissionerUnited States Board of Tax Appeals · 1935