Hope v. Commissioner
United States Tax Court
Held: 1. The mere filing of a suit by the seller to rescind the sale of stock did not postpone the realization of taxable gain. 2. Neither the acquisition by the seller of options to purchase a part of the stock sold nor the receipt of the stock on the exercise of the options resulted in a rescission of the sale. 3. The sale did not involve a criminal appropriation of the petitioner's stock. 4. The petitioner did not restore an amount held under a claim of right when he…
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Held: 1. The mere filing of a suit by the seller to rescind the sale of stock did not postpone the realization of taxable gain. 2. Neither the acquisition by the seller of options to purchase a part of the stock sold nor the receipt of the stock on the exercise of the options resulted in a rescission of the sale. 3. The sale did not involve a criminal appropriation of the petitioner's stock. 4. The petitioner did not restore an amount held under a claim of right when he exercised his options. 5. In the absence of a finding of theft or fraud, counsel's fees and other costs incurred by the…
1Opinion of the Court
Karl Hope and Hilda Hope, Petitioners v. Commissioner of Internal Revenue, Respondent
Hope v. Commissioner
Docket Nos. 2258-65, 3128-69
United States Tax Court
55 T.C. 1020; 1971 U.S. Tax Ct. LEXIS 170;
March 22, 1971, Filed
Devisions will be entered under Rule 50.
Held: 1. The mere filing of a suit by the seller to rescind the sale of stock did not postpone the realization of taxable gain.
2. Neither the acquisition by the seller of options to purchase a part of the stock sold nor the receipt of the stock on the exercise of the options resulted in a rescission of the sale.
3. The sale did not involve…
2Cases cited35 opinions
- Commissioner v. Court Holding Co.Supreme Court of the United States · 1945
- Burnet v. Sanford & Brooks Co.Supreme Court of the United States · 1931
- United States v. LewisSupreme Court of the United States · 1951
- Edwards v. BrombergCourt of Appeals for the Fifth Circuit · 1956
- Harrison E. Spangler and Myrtle B. Spangler v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1963
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