Weeks v. Commissioner
United States Board of Tax Appeals
The petitioner borrowed funds from a bank with which to purchase certain corporate stock and gave his personal note therefor, at the same time depositing said stock with the bank as security for the loan.
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The petitioner borrowed funds from a bank with which to purchase certain corporate stock and gave his personal note therefor, at the same time depositing said stock with the bank as security for the loan. Held, the legal presumption in California being that the petitioner acted for and in behalf of the community and said presumption not having been overcome by extrinsic evidence that the loan was made upon the faith and credit of his separate property, that presumption is "absolute and conclusive" and, therefore, the profit derived from the sale and the dividends received during ownership of…
1Opinion of the Court
ALANSON WEEKS, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Weeks v. Commissioner
Docket No. 63916.
United States Board of Tax Appeals
31 B.T.A. 627; 1934 BTA LEXIS 1057;
November 16, 1934, Promulgated
The petitioner borrowed funds from a bank with which to purchase certain corporate stock and gave his personal note therefor, at the same time depositing said stock with the bank as security for the loan. Held, the legal presumption in California being that the petitioner acted for and in behalf of the community and said presumption not having been overcome by extrinsic evidence that…
2Cases cited12 opinions
- Peck v. VandenbergCalifornia Supreme Court · 1866
- Landers v. BoltonCalifornia Supreme Court · 1864
- Schuyler v. BroughtonCalifornia Supreme Court · 1886
- Flournoy v. FlournoyCalifornia Supreme Court · 1890
- Dyment v. NelsonCalifornia Supreme Court · 1913
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