Racine, Robert C. v. CIR

In the United States Court of Appeals For the Seventh Circuit ____________ No. 06-4103 ROBERT C. RACINE and GAIL K. RACINE, Petitioners-Appellants, v. COMMISSIONER OF INTERNAL REVENUE, Respondent-Appellee. ____________ Appeal from the United States Tax Court. No. 17633-04—Joseph R. Goeke, Judge. ____________ ARGUED MAY 23, 2007—DECIDED JULY 3, 2007 ____________ Before EASTERBROOK, Chief Judge, and BAUER and MANION, Circuit Judges. EASTERBROOK, Chief Judge. Non-cash compensation, such as shares of stock, is taxable when the “transfer” to the recipient occurs. 26 U.S.C. §83. According to a…