Sacks v. Commissioner
United States Board of Tax Appeals
Stock acquired by gift before December 31, 1920, and after March 1, 1913, was sold in 1923 for a consideration amounting to less than the value at the date of the gift, which was payable over a period of years.
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Stock acquired by gift before December 31, 1920, and after March 1, 1913, was sold in 1923 for a consideration amounting to less than the value at the date of the gift, which was payable over a period of years. Held that, assuming the transaction to be in any event within section 212(d), Revenue Act of 1926, that section by its express terms applies the installment method to profits and income, and does not authorize the spreading of losses over the period of the installment payments.
1Opinion of the Court
GEORGE P. SACKS, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Sacks v. Commissioner
Docket No. 46225.
United States Board of Tax Appeals
23 B.T.A. 307; 1931 BTA LEXIS 1897;
May 18, 1931, Promulgated
Stock acquired by gift before December 31, 1920, and after March 1, 1913, was sold in 1923 for a consideration amounting to less than the value at the date of the gift, which was payable over a period of years. Held that, assuming the transaction to be in any event within section 212(d), Revenue Act of 1926, that section by its express terms applies the installment method to profits and…
2Cases cited1 opinion
- Sacks v. CommissionerUnited States Board of Tax Appeals · 1931