Lewis v. Commissioner
United States Board of Tax Appeals
Petitioner was a member of a syndicate, all of whose assets were sold under a plan whereby petitioner had an option of receiving cash or stock for his interest in the syndicate. Petitioner elected to take cash, receiving a check for his interest in January 1929, although the sale was consummated November 15, 1928, and funds were then available to pay him had he demanded payment. Held, petitioner constructively received his portion of the syndicate profits in 1928.
1Opinion of the Court
JAMES E. LEWIS, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Lewis v. Commissioner
Docket No. 56073.
United States Board of Tax Appeals
30 B.T.A. 318; 1934 BTA LEXIS 1350;
April 4, 1934, Promulgated
Petitioner was a member of a syndicate, all of whose assets were sold under a plan whereby petitioner had an option of receiving cash or stock for his interest in the syndicate. Petitioner elected to take cash, receiving a check for his interest in January 1929, although the sale was consummated November 15, 1928, and funds were then available to pay him had he demanded payment. Held,…
2Cases cited1 opinion
- Lewis v. CommissionerUnited States Board of Tax Appeals · 1934