Hollister v. Commissioner
United States Board of Tax Appeals
Held, that the basis of corporate stock sold is, in accordance with agreement that Helvering v. Gambrill,313 U.S. 11 controls, the value at date of receipt by testamentary trustee from executor; held, further, that in the absence of plea estoppel, and on the facts, petitioner is entitled to deduct the basis of the stock from the sale price, though the basis had been recovered in an earlier year, as to which assessment is barred by limitation.
1Opinion of the Court
JOHN B. HOLLISTER, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Hollister v. Commissioner
Docket No. 94998.
United States Board of Tax Appeals
44 B.T.A. 851; 1941 BTA LEXIS 1260;
July 3, 1941, Promulgated
Held, that the basis of corporate stock sold is, in accordance with agreement that Helvering v. Gambrill,313 U.S. 11 controls, the value at date of receipt by testamentary trustee from executor; held, further, that in the absence of plea estoppel, and on the facts, petitioner is entitled to deduct the basis of the stock from the sale price, though the basis had been recovered in an…
2Cases cited2 opinions
- Helvering v. GambrillSupreme Court of the United States · 1941
- Hollister v. CommissionerUnited States Board of Tax Appeals · 1941