Withers v. Commissioner
United States Tax Court
Petitioners contributed corporate stocks to a qualified charity having bases for gain or loss exceeding fair market values. Held, the charitable contribution deduction under sec. 170, I.R.C. 1954, is limited to the fair market values of the shares contributed.
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Petitioners contributed corporate stocks to a qualified charity having bases for gain or loss exceeding fair market values. Held, the charitable contribution deduction under sec. 170, I.R.C. 1954, is limited to the fair market values of the shares contributed. It is further held that, although petitioners "realized" a loss on the difference between the aggregate fair market value and aggregate basis of the shares contributed, that loss was not "sustained" under sec. 165(a) and is not "recognized" under sec. 165(c).
1Opinion of the Court
Lavar M. Withers and Marlene Withers, Petitioners v. Commissioner of Internal Revenue, Respondent
Withers v. Commissioner
Docket No. 8234-76
United States Tax Court
69 T.C. 900; 1978 U.S. Tax Ct. LEXIS 160;
March 8, 1978, Filed
Decision will be entered for the respondent.
Petitioners contributed corporate stocks to a qualified charity having bases for gain or loss exceeding fair market values. Held, the charitable contribution deduction under sec. 170, I.R.C. 1954, is limited to the fair market values of the shares contributed. It is further held that, although petitioners "realized" a loss on the…
2Cases cited11 opinions
- New Colonial Ice Co. v. HelveringSupreme Court of the United States · 1934
- United States v. General Shoe CorporationCourt of Appeals for the Sixth Circuit · 1960
- Estate of Wood v. CommissionerUnited States Tax Court · 1962
- International F. Corp. v. Commissioner of Int. Rev.Court of Appeals for the Second Circuit · 1943
- Smith v. CommissionerUnited States Tax Court · 1971
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