Hamilton v. Commissioner
United States Board of Tax Appeals
Held that a transaction between a husband and his wife involving a going concern and all the assets thereof was a sale to the husband by the wife; that an annual payment made to the wife by the husband was a payment of purchase price and not a division of profits; and that the entire income of the business is taxable to the husband.
1Opinion of the Court
ASHTON HAMILTON, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Hamilton v. Commissioner
Docket No. 6844.
United States Board of Tax Appeals
7 B.T.A. 362; 1927 BTA LEXIS 3192;
June 16, 1927, Promulgated
Held that a transaction between a husband and his wife involving a going concern and all the assets thereof was a sale to the husband by the wife; that an annual payment made to the wife by the husband was a payment of purchase price and not a division of profits; and that the entire income of the business is taxable to the husband.
Robert C. McKay, Esq., for the petitioner.
F. O.…
2Cases cited1 opinion
- Hamilton v. CommissionerUnited States Board of Tax Appeals · 1927