Mitchell v. Commissioner
United States Board of Tax Appeals
1. Taxpayer and his wife exchanged letters purporting to consummate a sale of 18,300 shares of bank stock. The sale price was approximately four million dollars; the wife's total fortune less than one million.
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1. Taxpayer and his wife exchanged letters purporting to consummate a sale of 18,300 shares of bank stock. The sale price was approximately four million dollars; the wife's total fortune less than one million. Taxpayer by "gifts" provided his wife with sufficient funds in excess of dividends to pay taxpayer the agreed "interest"; no notice of a sale was given to the bank with which the stock was pledged to secure taxpayer's loan; no revenue stamps were affixed; no bill of sale executed; no entry of indebtedness was entered on the wife's books of account. Although taxpayer's wife claimed to…
1Concurring in part, dissenting in part
McMahon,
concurring in part and dissenting in part:
I
The parties stipulated as follows:
105. On April 25, 1933, an indictment was returned against petitioner by a Grand Jury of tbe District Court of tbe United States for tbe Southern District of New York. (Ex. 59.) To both counts in that indictment the petitioner entered a plea of not guilty.
106. Thereafter, petitioner was tried upon the charges contained in said indictment before Judge Henry W. Goddard and a trial jury in the said United *1138States District Court, the trial commencing May 11, 1933, and terminating on June 22, 1933. A copy of the…
2Cases cited32 opinions
- Boyd v. United StatesSupreme Court of the United States · 1886
- Gregory v. HelveringSupreme Court of the United States · 1935
- Tait v. Western Maryland Railway Co.Supreme Court of the United States · 1933
- Pennsylvania Railroad v. ChamberlainSupreme Court of the United States · 1933
- Quock Ting v. United StatesSupreme Court of the United States · 1891
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