Rossheim v. Commissioner
United States Board of Tax Appeals
1. Treasury regulations (art. 51 of Regulations 74) can not create income where none in fact exists, when measured by the statutory definition of gross income, following Taplin v. Commissioner, 41 Fed.(2d) 454; Commissioner v. Van Vorst, 59 Fed.(2d) 677, affirming George W. Van Vorst, Executor,22 B.T.A. 632; and James William Everhart,26 B.T.A. 318. 2. The petitioner, as president of a corporation, was given an option to purchase stock at less than market.
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1. Treasury regulations (art. 51 of Regulations 74) can not create income where none in fact exists, when measured by the statutory definition of gross income, following Taplin v. Commissioner, 41 Fed.(2d) 454; Commissioner v. Van Vorst, 59 Fed.(2d) 677, affirming George W. Van Vorst, Executor,22 B.T.A. 632; and James William Everhart,26 B.T.A. 318. 2. The petitioner, as president of a corporation, was given an option to purchase stock at less than market. Held, that upon the purchase of the stock the difference between cost and market value represented additional compensation.
1Opinion of the Court
IRVING D. ROSSHEIM, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Rossheim v. Commissioner
Docket No. 57503.
United States Board of Tax Appeals
31 B.T.A. 857; 1934 BTA LEXIS 1021;
December 13, 1934, Promulgated
1. Treasury regulations (art. 51 of Regulations 74) can not create income where none in fact exists, when measured by the statutory definition of gross income, following Taplin v. Commissioner, 41 Fed.(2d) 454; Commissioner v. Van Vorst, 59 Fed.(2d) 677, affirming George W. Van Vorst, Executor,22 B.T.A. 632; and James William Everhart,26 B.T.A. 318.
2. The petitioner, as…
2Cases cited9 opinions
- Erskine v. CommissionerUnited States Board of Tax Appeals · 1932
- Van Vorst v. CommissionerUnited States Board of Tax Appeals · 1931
- Haskell & Barker Car Co. v. CommissionerUnited States Board of Tax Appeals · 1928
- Commercial Inv. Trust Corp. v. CommissionerUnited States Board of Tax Appeals · 1933
- Bothwell v. CommissionerUnited States Board of Tax Appeals · 1933
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