Walz v. Commissioner
United States Board of Tax Appeals
LOSS - DIVISION OF COMMUNITY PROPERTY BY HUSBAND AND WIFE RESIDING IN TEXAS. - Petitioner's decedent and his wife, in a separation agreement, divided their community property and were divorced and the wife, among other things, received 400 shares of stock of a corporation having a cost basis to the community of $16,881 and a fair market value at the time of the division of property of $6,650. Held, petitioner's decedent, the husband, is not entitled to take a loss deduction…
Read the full summary
LOSS - DIVISION OF COMMUNITY PROPERTY BY HUSBAND AND WIFE RESIDING IN TEXAS. - Petitioner's decedent and his wife, in a separation agreement, divided their community property and were divorced and the wife, among other things, received 400 shares of stock of a corporation having a cost basis to the community of $16,881 and a fair market value at the time of the division of property of $6,650. Held, petitioner's decedent, the husband, is not entitled to take a loss deduction from his income by reason of the transaction.
1Opinion of the Court
OPINION.
Blacn :
In this proceeding respondent has determined a deficiency against petitioner’s decedent for the year 1931 of $405.70. Only a part of the deficiency is contested.
There is only one issue for us to determine, which is whether the petitioner is entitled to deduct an alleged loss of $10,231 representing the difference between the cost to the community of 400 shares of Radio Corporation of America stock, amounting to $16,881, and its fair market value, amounting to $6,650, which resulted from a partition of community property of the petitioner’s decedent and his wife, Rosalie B.…
2Cases cited3 opinions
- Gould v. GouldSupreme Court of the United States · 1917
- Hopkins v. BaconSupreme Court of the United States · 1930
- Audubon v. ShufeldtSupreme Court of the United States · 1901
3Cited by19 opinions
- Carrieres v. CommissionerUnited States Tax Court · 1975
- Gerlach v. CommissionerUnited States Tax Court · 1970
- Schacht v. CommissionerUnited States Tax Court · 1967
- Howard v. CommissionerUnited States Tax Court · 1959
- Ann Y. Oliver v. CommissionerUnited States Tax Court · 1949
14 more not listed; retrieve them via the Exa API.