Faris v. Commissioner
United States Board of Tax Appeals
1. Payment of $100,000 made to petitioner by a corporation in virtue of his ownership of its capital stock held to be a taxable dividend and not a distribution of capital. 2. Under the facts the petitioner's taxable gain on stock sold in the taxable year is determinable under section 204(a)(6) of the Revenue Act of 1924, by using the cost of the assets exchanged by him for the stock, and not its par value when received. Newman, Saunders & Co. v. United States,281 U.S. 760.
1Opinion of the Court
W. A. FARIS, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Faris v. Commissioner
Docket No. 41655.
United States Board of Tax Appeals
26 B.T.A. 496; 1932 BTA LEXIS 1299;
June 22, 1932, Promulgated
1. Payment of $100,000 made to petitioner by a corporation in virtue of his ownership of its capital stock held to be a taxable dividend and not a distribution of capital.
2. Under the facts the petitioner's taxable gain on stock sold in the taxable year is determinable under section 204(a)(6) of the Revenue Act of 1924, by using the cost of the assets exchanged by him for the stock, and not…
2Cases cited4 opinions
- Grain King Mfg. Co. v. CommissionerUnited States Board of Tax Appeals · 1928
- Haas Bldg. Co. v. CommissionerUnited States Board of Tax Appeals · 1931
- Walker v. CommissionerUnited States Board of Tax Appeals · 1932
- Faris v. CommissionerUnited States Board of Tax Appeals · 1932