GEESEMAN v. COMMISSIONER
United States Board of Tax Appeals
In March 1931, the petitioner was given an option by a corporation by which he was employed to purchase a stated number of shares of stock in the corporation at a price below the current market. According to the terms of the offer the shares could be purchased in stated amounts on and after specified dates extending over a period of more than four years.
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In March 1931, the petitioner was given an option by a corporation by which he was employed to purchase a stated number of shares of stock in the corporation at a price below the current market. According to the terms of the offer the shares could be purchased in stated amounts on and after specified dates extending over a period of more than four years. Prior to the purchase of any shares by petitioner the current market price declined below the option price and the corporation reduced the option price to an amount below the then market price. Thereafter, in 1933, when the market price for…
1Opinion of the Court
DELBERT B. GEESEMAN, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
GEESEMAN v. COMMISSIONER
Docket No. 81736.
United States Board of Tax Appeals
38 B.T.A. 258; 1938 BTA LEXIS 892;
August 4, 1938, Promulgated
In March 1931, the petitioner was given an option by a corporation by which he was employed to purchase a stated number of shares of stock in the corporation at a price below the current market. According to the terms of the offer the shares could be purchased in stated amounts on and after specified dates extending over a period of more than four years. Prior to the purchase of…
2Cases cited1 opinion
- GEESEMAN v. COMMISSIONERUnited States Board of Tax Appeals · 1938