Fitch v. Commissioner
United States Board of Tax Appeals
INCOME - GAIN OR LOSS - SALE BY TRUSTEE. - Petitioner owed certain obligations and to satisfy them borrowed the necessary funds from the Equitable Trust Co., which as a nominal trustee held title to certain stock belonging to petitioner, agreeing to deposit the stock as security for the loan.
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INCOME - GAIN OR LOSS - SALE BY TRUSTEE. - Petitioner owed certain obligations and to satisfy them borrowed the necessary funds from the Equitable Trust Co., which as a nominal trustee held title to certain stock belonging to petitioner, agreeing to deposit the stock as security for the loan. The transaction was carried out by petitioner paying back to the Trust Co. the borrowed funds as the asserted consideration for the so-called purchase by her of the stock held by it for her account, and then the delivery back of the stock as security for the loan, the Trust Co. applying the socalled…
1Opinion of the Court
OPINION.
Leech :
Petitioner seeks redetermination of a deficiency in income tax of $10,947.54 asserted by respondent for the calendar year 1925 and assigns two errors, (a) the inclusion by respondent of any amount in her income as representing a profit taxable to her upon the sale in that year of 2,400 shares of Standard Oil Co. stock and, (b) in the alternative, if it be held that such sale was made, the computation of a profit upon the basis of the March 1, 1913, value of such stock rather than its value at the time distributed to petitioner from a certain trust estate.
Petitioner is a…
2Cases cited11 opinions
- Doyle v. Mitchell Brothers Co.Supreme Court of the United States · 1918
- United States v. PhellisSupreme Court of the United States · 1921
- Cochrane v. . SchellNew York Court of Appeals · 1894
- Nace Realty Co. v. CommissionerUnited States Board of Tax Appeals · 1933
- McInerney v. CommissionerUnited States Board of Tax Appeals · 1933
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3Cited by1 opinion
- Fitch v. CommissionerUnited States Board of Tax Appeals · 1934