Marshman v. Commissioner
United States Tax Court
Divorced husband requested petitioner, his former wife, to remarry him. She insisted that he first give her security of $ 40,000. The divorced husband transferred shares of stock in which he had a a basis of $ 5 a share to her. The stock had a fair market value on the date of transfer of $ 20 a share. The next day the parties were remarried.
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Divorced husband requested petitioner, his former wife, to remarry him. She insisted that he first give her security of $ 40,000. The divorced husband transferred shares of stock in which he had a a basis of $ 5 a share to her. The stock had a fair market value on the date of transfer of $ 20 a share. The next day the parties were remarried. Held, the transfer was property "acquired * * * by gift" under section 113 (a) (2), I. R. C. 1939, and petitioner's basis was the same as the basis in the hands of the husband.
1Opinion of the Court
Mulroney, Judge:
This opinion supersedes a previous memoran--dum opinion filed September 19,1958, and withdrawn October 7,1958.
The respondent determined deficiencies in the petitioners’ income tax and addition to tax, as follows:
Tear Deficiency Addition to tarn under sec. %9i (d) (2)
1952_..___$7, 620. 63 _
1953_ 24,555. 70 ' $2,106.22
The sole question in the case involves petitioner’s basis in stock sold in 1952 and 1953, which stock was part of 20,000 shares received by petitioner from her husband in 1937. The issue is whether 20,000 shares of stock subject to an option to repurchase by the…
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- Helvering v. Stockholms Enskilda BankSupreme Court of the United States · 1934
- Commissioner v. WemyssSupreme Court of the United States · 1945
- Merrill v. FahsSupreme Court of the United States · 1945
- Edson v. LucasCourt of Appeals for the Eighth Circuit · 1930
- Farid-Es-Sultaneh v. Commissioner of Internal Rev.Court of Appeals for the Second Circuit · 1947
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