Turner v. Commissioner
United States Tax Court
Pamela T. Turner transferred certain shares of stock on the condition that the various recipients pay the resulting gift tax liability. The individual recipients agreed by letter to this condition. Held, the donor intended and in fact made a net gift to each recipient.
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Pamela T. Turner transferred certain shares of stock on the condition that the various recipients pay the resulting gift tax liability. The individual recipients agreed by letter to this condition. Held, the donor intended and in fact made a net gift to each recipient. Held, further, the period for which the shares were held by the recipient Richard H. Turner included, pursuant to sec. 1223(2), I.R.C. 1954, the period for which the shares were held by Pamela T. Turner prior to the transfer.
1Opinion of the Court
OPINION
Fax, Judge: Respondent determined deficiencies in the Federal income taxes of petitioners, as follows:
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The sole issue in docket No. 1019-66 is whether the gain recognized by petitioners Richard IT. (hereinafter referred to as Richard) and Emily D. Turner on the sale of certain shares of stock received by them in a transfer less than 6 months earlier is taxable as long- or short-term capital gain. The question involved is whether, in determining the period for which the stock was held, the petitioners can include the holding period of their transferor pursuant to section…
2Cases cited8 opinions
- Harrison v. CommissionerUnited States Tax Court · 1952
- Sheaffer v. CommissionerUnited States Tax Court · 1961
- Staley v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1943
- Morgan v. CommissionerUnited States Tax Court · 1962
- Rogers v. CommissionerUnited States Board of Tax Appeals · 1935
3 more not listed; retrieve them via the Exa API.
3Cited by49 opinions
- Vaira v. CommissionerUnited States Tax Court · 1969
- Diedrich v. CommissionerSupreme Court of the United States · 1982
- Johnson v. CommissionerUnited States Tax Court · 1973
- Estate of Piper v. CommissionerUnited States Tax Court · 1979
- Guest v. CommissionerUnited States Tax Court · 1981
44 more not listed; retrieve them via the Exa API.