Weeks v. Commissioner
United States Board of Tax Appeals
The petitioner borrowed funds from a bank with which to purchase certain corporate stock and gave his personal note therefor, at the same time depositing said stock with the bank as security for the loan.
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The petitioner borrowed funds from a bank with which to purchase certain corporate stock and gave his personal note therefor, at the same time depositing said stock with the bank as security for the loan. Held, the legal presumption in California being that the petitioner acted for and in behalf of the community and said presumption not having been overcome by extrinsic evidence that the loan was made upon the faith and credit of his separate property, that presumption is "absolute and conclusive" and, therefore, the profit derived from the sale and the dividends received during ownership of…
1Opinion of the Court
OPINION.
MoeRis :
The respondent having determined a deficiency in income tax of $9,355.58 for the calendar year 1929, the petitioner brings this proceeding for the redetermination thereof, alleging that the respondent erroneously increased taxable income for 1929 by $43,387 and $7,837.50, representing a profit realized and dividends received, respectively, during said year, which said profit and dividends were *628community income and reported for income tax purposes in his wife’s return.
The petitioner, an individual, was a practicing physician and surgeon, and throughout the year 1929 was married…
2Cases cited12 opinions
- Peck v. VandenbergCalifornia Supreme Court · 1866
- Landers v. BoltonCalifornia Supreme Court · 1864
- Schuyler v. BroughtonCalifornia Supreme Court · 1886
- Flournoy v. FlournoyCalifornia Supreme Court · 1890
- Dyment v. NelsonCalifornia Supreme Court · 1913
7 more not listed; retrieve them via the Exa API.
3Cited by1 opinion
- Weeks v. CommissionerUnited States Board of Tax Appeals · 1934