Collins v. Commissioner
United States Tax Court
A transfer by petitioner of stock in a closely held corporation to his wife under a property settlement agreement incident to a divorce granted by an Oklahoma court constituted such a disposition of property as to result in petitioner's receiving a taxable gain in the amount of the difference in his basis in the stock and the fair market value of the stock on the date of the transfer. The fair market value of the stock transferred is determined from the evidence.
1Opinion of the Court
Scott, Judge:
Respondent determined a deficiency in petitioner’s income tax for the calendar year 1959 in the amount of $220,046.20. The issues for decision are whether a transfer of appreciated stock in a family-held corporation by petitioner to his wife pursuant to an agreement incident to a divorce granted in Oklahoma was a nontaxable division of property or a taxable transfer and, if the latter, the fair market value of the stock on the date of transfer.
FINDINGS OF FACT
Some of the facts have been stipulated and are found accordingly.
George F. Collins, Jr., hereinafter referred to as…
2Cases cited10 opinions
- United States v. DavisSupreme Court of the United States · 1962
- Tobin v. TobinSupreme Court of Oklahoma · 1923
- Thompson v. ThompsonSupreme Court of Oklahoma · 1918
- Putnam v. PutnamSupreme Court of Kansas · 1919
- Moyers v. MoyersSupreme Court of Oklahoma · 1962
5 more not listed; retrieve them via the Exa API.
3Cited by25 opinions
- Palmer v. CommissionerUnited States Tax Court · 1974
- Gammill v. CommissionerUnited States Tax Court · 1980
- Cook v. CommissionerUnited States Tax Court · 1983
- McKinney v. CommissionerUnited States Tax Court · 1975
- Wiles v. CommissionerUnited States Tax Court · 1973
20 more not listed; retrieve them via the Exa API.