Webb v. Commissioner
United States Board of Tax Appeals
1. The taxpayer's distributive share of the income of a partnership of which he was a member, from April 1, 1919, to December 31, 1919, determined. 2. Under the Revenue Act of 1918, the basis, in this case the cost, for determining the gain derived or loss sustained upon the sale in 1919 of certain shares of stock, should not be reduced by the amount of a tax-free distribution made in March, 1917. Appeal of Caroline S. McLean,4 B.T.A. 487. 3. The taxpayer kept his books and…
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1. The taxpayer's distributive share of the income of a partnership of which he was a member, from April 1, 1919, to December 31, 1919, determined. 2. Under the Revenue Act of 1918, the basis, in this case the cost, for determining the gain derived or loss sustained upon the sale in 1919 of certain shares of stock, should not be reduced by the amount of a tax-free distribution made in March, 1917. Appeal of Caroline S. McLean,4 B.T.A. 487. 3. The taxpayer kept his books and rendered his returns on a cash receipts and disbursements basis, but now claims that his income for the taxable year…
1Opinion of the Court
APPEAL OF STUART W. WEBB.
Webb v. Commissioner
Docket No. 5591.
United States Board of Tax Appeals
5 B.T.A. 366; 1926 BTA LEXIS 2896;
October 30, 1926, Decided
1. The taxpayer's distributive share of the income of a partnership of which he was a member, from April 1, 1919, to December 31, 1919, determined.
2. Under the Revenue Act of 1918, the basis, in this case the cost, for determining the gain derived or loss sustained upon the sale in 1919 of certain shares of stock, should not be reduced by the amount of a tax-free distribution made in March, 1917. Appeal of Caroline S. McLean,4 B.T.A. 487.
3.…
2Cases cited2 opinions
- McLean v. CommissionerUnited States Board of Tax Appeals · 1926
- Appeal of WebbUnited States Board of Tax Appeals · 1926