Weir v. Commissioner
United States Tax Court
Petitioner exercised an option to purchase 1,500 shares of stock on May 1, 1944. He sold 900 of the 1,500 shares at a profit on November 1, 1944. Held, that the holding period of the 900 shares begins with and includes the day following the date of acquisition of such stock, and, hence, petitioner realized a short term capital gain.
1Opinion of the Court
OPINION.
Hill, Judge:
To determine whether petitioner realized a long term or a short term capital gain under section 117 of the Internal Revenue Code,1 the proper means to measure the holding period of the 900 shares of stock must be decided. The sole issue of this case is whether the holding period of stock acquired by the exercise of an option includes the day of acquisition of the stock or begins the day following such acquisition. If May 1, 1944, is counted, petitioner has realized a long term capital gain; if May 2, 1944, is the starting date, then petitioner has realized a short term…
2Cases cited5 opinions
- United States v. American Trucking AssociationsSupreme Court of the United States · 1940
- United States v. DickersonSupreme Court of the United States · 1940
- Miles v. Safe Deposit & Trust Co. of BaltimoreSupreme Court of the United States · 1922
- Helvering v. San Joaquin Fruit & Investment Co.Supreme Court of the United States · 1936
- Sheets v. Selden's LesseeSupreme Court of the United States · 1865
3Cited by25 opinions
- Pike v. CommissionerUnited States Tax Court · 1965
- Fogel v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1953
- George W. S. Swenson and Ruth E. Swenson v. Commissioner of Internal RevenueCourt of Appeals for the Eighth Circuit · 1962
- Crane v. CommissionerUnited States Tax Court · 1966
- Milliken v. Commissioner of Internal Revenue. Commissioner of Internal Revenue v. MillikenCourt of Appeals for the Second Circuit · 1952
20 more not listed; retrieve them via the Exa API.