Smith v. Commissioner
United States Tax Court
In 1968 the petitioner-husband acquired unregistered stock in exchange for his automobile service proprietorship. In 1969 he sold the stock and reported a long-term capital gain of $ 38,422. In 1971 a class action was brought against petitioner and others for alleged violations of sec. 12(1) of the Securities Act of 1933, 15 U.S.C. sec. 77l(1) (1970). The suit was settled and petitioner paid $ 5,000 in 1971 and $ 12,500 in 1972 to the plaintiffs' trust fund.
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In 1968 the petitioner-husband acquired unregistered stock in exchange for his automobile service proprietorship. In 1969 he sold the stock and reported a long-term capital gain of $ 38,422. In 1971 a class action was brought against petitioner and others for alleged violations of sec. 12(1) of the Securities Act of 1933, 15 U.S.C. sec. 77l(1) (1970). The suit was settled and petitioner paid $ 5,000 in 1971 and $ 12,500 in 1972 to the plaintiffs' trust fund. The amounts paid were deducted by petitioners as ordinary losses on their joint Federal income tax returns for the years in question.…
1Opinion of the Court
Paul H. Smith and Arlyn D. Smith, Petitioners v. Commissioner of Internal Revenue, Respondent
Smith v. Commissioner
Docket No. 555-75
United States Tax Court
67 T.C. 570; 1976 U.S. Tax Ct. LEXIS 5;
December 22, 1976, Filed
Decision will be entered for the respondent.
In 1968 the petitioner-husband acquired unregistered stock in exchange for his automobile service proprietorship. In 1969 he sold the stock and reported a long-term capital gain of $ 38,422. In 1971 a class action was brought against petitioner and others for alleged violations of sec. 12(1) of the Securities Act of 1933, 15 U.S.C. sec.…
2Cases cited10 opinions
- Arrowsmith v. CommissionerSupreme Court of the United States · 1952
- United States v. Skelly Oil Co.Supreme Court of the United States · 1969
- William L. Mitchell and Marian S. Mitchell v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 1970
- James E. Anderson and Alice Anderson v. Commissioner of Internal RevenueCourt of Appeals for the Seventh Circuit · 1973
- Anderson v. CommissionerUnited States Tax Court · 1971
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