Fitch v. Commissioner
United States Board of Tax Appeals
INCOME - GAIN OR LOSS - SALE BY TRUSTEE. - Petitioner owed certain obligations and to satisfy them borrowed the necessary funds from the Equitable Trust Co., which as a nominal trustee held title to certain stock belonging to petitioner, agreeing to deposit the stock as security for the loan.
Read the full summary
INCOME - GAIN OR LOSS - SALE BY TRUSTEE. - Petitioner owed certain obligations and to satisfy them borrowed the necessary funds from the Equitable Trust Co., which as a nominal trustee held title to certain stock belonging to petitioner, agreeing to deposit the stock as security for the loan. The transaction was carried out by petitioner paying back to the Trust Co. the borrowed funds as the asserted consideration for the so-called purchase by her of the stock held by it for her account, and then the delivery back of the stock as security for the loan, the Trust Co. applying the socalled…
1Opinion of the Court
FLORENCE H. FITCH, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Fitch v. Commissioner
Docket No. 51670.
United States Board of Tax Appeals
29 B.T.A. 1299; 1934 BTA LEXIS 1396;
February 28, 1934, Promulgated
INCOME - GAIN OR LOSS - SALE BY TRUSTEE. - Petitioner owed certain obligations and to satisfy them borrowed the necessary funds from the Equitable Trust Co., which as a nominal trustee held title to certain stock belonging to petitioner, agreeing to deposit the stock as security for the loan. The transaction was carried out by petitioner paying back to the Trust Co. the borrowed…
2Cases cited13 opinions
- Doyle v. Mitchell Brothers Co.Supreme Court of the United States · 1918
- United States v. PhellisSupreme Court of the United States · 1921
- Cochrane v. . SchellNew York Court of Appeals · 1894
- Nace Realty Co. v. CommissionerUnited States Board of Tax Appeals · 1933
- McInerney v. CommissionerUnited States Board of Tax Appeals · 1933
8 more not listed; retrieve them via the Exa API.