Estate of Campbell v. Commissioner
United States Tax Court
1. Certain "service stock" was unrestricted when first acquired by promoter; it was later placed in escrow and subjected to certain restrictions.
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1. Certain "service stock" was unrestricted when first acquired by promoter; it was later placed in escrow and subjected to certain restrictions. Held, gain thereafter realized by promoter upon subsequent sales of his rights in such escrowed stock was capital gain rather than ordinary income. 2. Held, petitioners failed to carry burden of proving error in Commissioner's determination that an item of $ 8,217.91 represented unreported income. 3. Held, in the light of a history of filing joint returns over a period of years and of the wife's reliance upon her husband in their financial affairs,…
1Opinion of the Court
OPINION
Baum, Judge:
1. Sales of interests in service stock. — There is no dispute between the parties that Campbell received his stock in The Oaks initially as compensation for services, and that such stock may properly be classified as “service stock.” However, it is petitioners’ position that such stock bacl only a negligible value when Campbell first became entitled to it, that it was completely unrestricted when he received it, that it became restricted only at a later time when it was placed in escrow or committed to be placed in escrow, and that the sale of his interests therein must be…
2Cases cited25 opinions
- Carlos and Jacqueline Marcello v. Commissioner of Internal Revenue, Joseph, Jr. And Anastasia Marcello v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1967
- Howell v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 1949
- Logan Lumber Company v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1966
- Howell v. CommissionerUnited States Tax Court · 1948
- Kann v. Commissioner of Internal Revenue. Kann's Estate v. Commissioner of Internal RevenueCourt of Appeals for the Third Circuit · 1954
20 more not listed; retrieve them via the Exa API.
3Cited by88 opinions
- Estate of Temple v. CommissionerUnited States Tax Court · 1976
- Malkin v. United StatesDistrict Court, D. New Jersey · 1998
- Carrick v. CommissionerUnited States Tax Court · 1991
- Patterson v. CommissionerUnited States Tax Court · 1979
- Hoyle v. CommissionerUnited States Tax Court · 1994
83 more not listed; retrieve them via the Exa API.