Farber v. Commissioner
United States Tax Court
1. Held, that the petitioner may report the gain upon the sale, in 1952, of his stock of Eagle Mount upon the installment basis under section 44 of the Internal Revenue Code of 1939. Failure to mention such sale in the return for 1952 does not preclude him from use of the installment basis, since in his return for the year 1953, the first year that any portion of the selling price was received, the sale was reported on the installment basis. 2. Held, further, that since the…
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1. Held, that the petitioner may report the gain upon the sale, in 1952, of his stock of Eagle Mount upon the installment basis under section 44 of the Internal Revenue Code of 1939. Failure to mention such sale in the return for 1952 does not preclude him from use of the installment basis, since in his return for the year 1953, the first year that any portion of the selling price was received, the sale was reported on the installment basis. 2. Held, further, that since the petitioner was not required to report the gain on the sale in 1952, he did not omit from gross income of that year an…
1Opinion of the Court
Atkins, Judge:
The respondent determined deficiencies in income tax and additions thereto for the taxable years 1952, 1953, and 1954 as follows:
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The principal issues presented are whether the gain realized by the petitioners from the sale of 100 shares of the Eagle Mount Corporation stock constituted ordinary income under section 117 (m) of the Internal Revenue Code of 1939, as determined by the respondent, or long-term capital gain; whether such gain is all taxable in the year 1952 or whether it is taxable in 1953 and 1954 on the installment basis; whether the assessment of the…
2Cases cited18 opinions
- Burnet v. LoganSupreme Court of the United States · 1931
- Pacific National Co. v. WelchSupreme Court of the United States · 1938
- Thrift v. CommissionerUnited States Tax Court · 1950
- Raymond G. Burge and Kathleen E. Burge v. Commissioner of Internal RevenueCourt of Appeals for the Fourth Circuit · 1958
- Arthur Glickman Herman Glickman and Ruth Glickman and Aaron Glickmand and Freda Glickman v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1958
13 more not listed; retrieve them via the Exa API.
3Cited by40 opinions
- Pollack v. CommissionerUnited States Tax Court · 1966
- Reaver v. CommissionerUnited States Tax Court · 1964
- Rolland L. King and Arlene P. King v. United StatesCourt of Appeals for the Fifth Circuit · 1981
- Mamula v. CommissionerUnited States Tax Court · 1964
- Jack and Celia Farber v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1963
35 more not listed; retrieve them via the Exa API.