Slayton v. Commissioner
United States Board of Tax Appeals
A purported transaction in corporate shares between parents and child, held, under all the circumstances, lacking in intent to transfer ownership and therefore not a sale giving rise to a deduction for loss.
1Opinion of the Court
*933OPINION.
SteRnhagen:
Considering, as we have, all the evidence, it is our opinion that despite the appearance of sale, there was lacking the intent of the decedent and his wife to make a sale- of these shares. First, we think the evidence, and more particularly the subsequent retransfer by the son, upon the first occasion when ownership became important, to the father solely for the purposes of the father, falls short of establishing a real transfer of ownership by petitioners for any purpose. While a sale for tax purposes is not to be disregarded because of its motive, on the other hand, a…
2Cited by2 opinions
- Carpenter v. GagneDistrict Court, D. New Hampshire · 1939
- Slayton v. CommissionerUnited States Board of Tax Appeals · 1934