Bleser v. Commissioner
United States Board of Tax Appeals
The "investment company", of which petitioners' decedent was virtually sole stockholder, having indicated upon its income tax return, executed by decedent, that the alternative provided by the Revenue Act of 1932, section 104(d), of having the stockholders report their share of the corporation's income, was being availed of, held, decedent was bound thereby in spite of petitioners' present position that such reference was a clerical error; held further, the corporation was…
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The "investment company", of which petitioners' decedent was virtually sole stockholder, having indicated upon its income tax return, executed by decedent, that the alternative provided by the Revenue Act of 1932, section 104(d), of having the stockholders report their share of the corporation's income, was being availed of, held, decedent was bound thereby in spite of petitioners' present position that such reference was a clerical error; held further, the corporation was formed and availed of for the purpose described in section 104; held further, petitioners are taxable on decedent's…
1Opinion of the Court
*647OPINION.
Opper :
This proceeding presents two questions. The first is a somewhat complicated variation of the problem dealt with in Zaida Clay, 40 B. T. A. 562. Here the decedent, controlling stockholder of an “investment” corporation, included in his return an item reporting a dividend of that corporation. Upon examination of the corporation’s return, respondent concluded that this item was not actually received by decedent; that it represented an attempt under the Revenue Act of 1932, section 104 (d),1 to report a “distributive share” of the corporation’s income, even though not distributed,…
2Cases cited5 opinions
- Higgins v. SmithSupreme Court of the United States · 1940
- Stone v. WhiteSupreme Court of the United States · 1937
- William W. Bierce, Ltd. v. HutchinsSupreme Court of the United States · 1907
- Schenck v. . State Line Telephone Co.New York Court of Appeals · 1924
- Snow v. AlleyMassachusetts Supreme Judicial Court · 1892
3Cited by2 opinions
- Schall & Co. v. United StatesDistrict Court, S.D. New York · 1954
- Bleser v. CommissionerUnited States Board of Tax Appeals · 1940