Stoner v. Commissioner
United States Board of Tax Appeals
During the taxable year the petitioner sold certain corporate stock and received payment in full therefor. Pursuant to the contract under which the stock was sold the petitioner deposited a portion of the selling price in a bank to insure the fulfillment of certain obligations assumed by him in the contract of sale. Held, that the full amount of the profit received from the sale of the stock constituted income taxable to the petitioner for the year in which received.
1Opinion of the Court
*955OPINION.
TRAAimelb:
It is tlie contention of the petitioner that $50,000 of the total consideration received by the seller from the buyer on May 29, 1929, was turned over to the seller impressed with a trust or restriction imposed by the buyer and for that reason it did not constitute a part of the gross income until it was released from the restriction. Under the terms of the contract it was agreed that the seller would deduct from the purchase price a sum not less than $50,000 and would deposit such sum in the bank, subject to the conditions of the contract. This provision of the contract was…
2Cases cited2 opinions
- North American Oil Consolidated v. BurnetSupreme Court of the United States · 1932
- Federal Dev. Co. v. CommissionerUnited States Board of Tax Appeals · 1930
3Cited by8 opinions
- Stiles v. CommissionerUnited States Tax Court · 1978
- Myers v. CommissionerUnited States Board of Tax Appeals · 1934
- Bassett v. CommissionerUnited States Board of Tax Appeals · 1935
- Hannah v. CommissionerUnited States Board of Tax Appeals · 1934
- Myers v. CommissionerUnited States Board of Tax Appeals · 1934
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