Curlee v. Commissioner
United States Board of Tax Appeals
1. GAIN OR LOSS - BASIS. - The retroactive provision of section 204(a)(3) of the Revenue Act of 1926, which includes gifts effected by a transfer in trust subsequent to December 31, 1920, is not unconstitutional.
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1. GAIN OR LOSS - BASIS. - The retroactive provision of section 204(a)(3) of the Revenue Act of 1926, which includes gifts effected by a transfer in trust subsequent to December 31, 1920, is not unconstitutional. New York Trust Co., Trustee,27 B.T.A. 1127, followed. 2. Id. - Where a gift to beneficiaries was effected in 1922 by a transfer of stock to a trust, held, the basis for determining gain or loss on the sale of the stock by the trustee in 1926 is its cost to grantor, under provisions of section 204(a)(3), Revenue Act of 1926. New York Trust Co., Trustee,27 B.T.A. 1127, followed. 3. Id.…
1Opinion of the Court
OPINION.
Leech:
These two proceedings were not formally consolidated for hearing and decision, but were heard together. The facts were stipulated in one stipulation covering both cases. Accordingly, they will be disposed of together.
Petitioners seek redetermination of deficiencies in income tax of the Yirgil P. Randolph Trust for the calendar year 1926 in the amount of $10,280.39 under Docket No. 48833, and for the calendar year 1927 in the amount of $47,769.61 under Docket No. 54355.
We find the facts as set out in the formal stipulation filed by the parties in this proceeding, which is…
2Cases cited17 opinions
- Brewster v. GageSupreme Court of the United States · 1930
- United States v. PhellisSupreme Court of the United States · 1921
- May v. HeinerSupreme Court of the United States · 1930
- Burnet v. Commonwealth Improvement Co.Supreme Court of the United States · 1932
- United States v. KatzSupreme Court of the United States · 1926
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3Cited by6 opinions
- Gooding v. United StatesUnited States Court of Claims · 1964
- Adler v. CommissionerUnited States Board of Tax Appeals · 1934
- Curlee v. CommissionerUnited States Board of Tax Appeals · 1933
- F. E. Gooding v. The United States. Elizabeth Gooding v. The United StatesUnited States Court of Claims · 1964
- McGuire v. CommissionerUnited States Board of Tax Appeals · 1935
1 more not listed; retrieve them via the Exa API.