Pike v. Commissioner
United States Tax Court
1. Held, an amount received by petitioner in 1957 in connection with the sale of certain stock constituted short-term rather than long-term capital gain. 2. Petitioner paid a certain amount to a corporation in 1958. Held, petitioner is not entitled to relief under section 1341, I.R.C. 1954, on account of such payment, because he has not shown that it was "established" that he "did not have an unrestricted right to" the amount so paid.
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1. Held, an amount received by petitioner in 1957 in connection with the sale of certain stock constituted short-term rather than long-term capital gain. 2. Petitioner paid a certain amount to a corporation in 1958. Held, petitioner is not entitled to relief under section 1341, I.R.C. 1954, on account of such payment, because he has not shown that it was "established" that he "did not have an unrestricted right to" the amount so paid. Sec. 1341(a)(2). Held, further, petitioner is entitled to a deduction in 1958 for such payment, under section 162(a). Lawrence M. Marks, 27 T.C. 464 (1956),…
1Opinion of the Court
Forrester, Judge:
Kespondent has determined deficiencies in income taxes and additions to tax against petitioners as follows:
Income tax Addition to tax, sec. 6654, I.R.C. 1964 Year
$4,132:08 $22.75 1957-
2,752.03 1958-
The issues which remain to be decided are (1) whether income received by petitioner Joseph P. Pike in 1957 with respect to the sale of certain shares of Cardinal Life Insurance Co. stock was properly reported as long-term capital gain; (2) whether petitioners are entitled to a deduction for 1958 on account of the payment by Joseph P. Pike to Cardinal Life Insurance Co. of an amount…
2Cases cited18 opinions
- Commissioner v. CulbertsonSupreme Court of the United States · 1949
- United States v. LewisSupreme Court of the United States · 1951
- Tank Truck Rentals, Inc. v. CommissionerSupreme Court of the United States · 1958
- Provost v. United StatesSupreme Court of the United States · 1926
- Stein v. CommissionerUnited States Tax Court · 1962
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3Cited by38 opinions
- Reily v. CommissionerUnited States Tax Court · 1969
- Anderson v. CommissionerUnited States Tax Court · 1971
- Mitchell v. CommissionerUnited States Tax Court · 1969
- Pahl v. CommissionerUnited States Tax Court · 1976
- Kappel v. United StatesCourt of Appeals for the Third Circuit · 1971
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