First Nat'l Bank v. Commissioner
United States Board of Tax Appeals
Where a husband and wife establish a joint account and take into it property belonging to each and where each owns approximately one-half of the property in such account, the income from such property is the income of the husband and wife in proportion to their ratable contributions to the principal amount thereof.
1Opinion of the Court
*1098OPINION.
Lansdon :
The only question here is whether all the income flowing from the joint business activities of Thomas A. Merritt and wife in the manner set forth in our findings of fact is taxable to Merritt. The petitioner contends that when the joint account was opened more than half the value taken thereinto was owned by Jennie S. Merritt as her individual property and that she owned a moiety of all additional proxierty taken into such account other than by reinvestment. If the fact of ownership by the wife of more than half the principal amounts used by Merritt and wife in the conduct of…
2Cases cited4 opinions
- Hossfeldt v. DillSupreme Court of Minnesota · 1881
- City of Jordan v. NicolinSupreme Court of Minnesota · 1901
- Ladd v. NewellSupreme Court of Minnesota · 1885
- Laib v. BrandenburgSupreme Court of Minnesota · 1885
3Cited by3 opinions
- Gustave T. Swoboda and Emily L. Swoboda, Husband and Wife v. United StatesCourt of Appeals for the Third Circuit · 1958
- Battleson v. CommissionerUnited States Board of Tax Appeals · 1931
- First Nat'l Bank v. CommissionerUnited States Board of Tax Appeals · 1928