Price v. Commissioner
United States Tax Court
H sold stock and agreed to receive the sales proceeds in installments. After part of the proceeds were paid, the corporation whose stock was sold placed money sufficient to cover the unpaid balance of the sales price in an escrow account. H subsequently was divorced from W, who was granted a judgment against H, secured by a lien on the installment sale promissory note and the escrow account.
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H sold stock and agreed to receive the sales proceeds in installments. After part of the proceeds were paid, the corporation whose stock was sold placed money sufficient to cover the unpaid balance of the sales price in an escrow account. H subsequently was divorced from W, who was granted a judgment against H, secured by a lien on the installment sale promissory note and the escrow account. The status of the escrow account and the disposition of payments of the sale proceeds were resolved by litigation among H, W, the stock purchasers, the escrow agent, and others. Held: under the terms of…
1Opinion of the Court
NOBLE R. PRICE and JANIE PRICE, Petitioners v. COMMISSIONER OF INTERNAL REVENUE, Respondent
Price v. Commissioner
Docket No. 9347-76.
United States Tax Court
T.C. Memo 1979-17; 1979 Tax Ct. Memo LEXIS 511; 38 T.C.M. (CCH) 53; T.C.M. (RIA) 79017;
January 9, 1979, Filed
H sold stock and agreed to receive the sales proceeds in installments. After part of the proceeds were paid, the corporation whose stock was sold placed money sufficient to cover the unpaid balance of the sales price in an escrow account. H subsequently was divorced from W, who was granted a judgment against H, secured by a lien on…
2Cases cited19 opinions
- Lucas v. EarlSupreme Court of the United States · 1930
- Old Colony Trust Co. v. CommissionerSupreme Court of the United States · 1929
- United States v. DavisSupreme Court of the United States · 1962
- H. O. Williams and Mrs. Ada L. Williams v. United StatesCourt of Appeals for the Fifth Circuit · 1955
- United States v. PatrickSupreme Court of the United States · 1963
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