Branham v. Commissioner
United States Tax Court
In 1960 petitioner sold certain property for cash and a 10-year note providing for equal annual payments. He duly elected to report the gain from the sale under the installment method of reporting provided for in sec. 453, I.R.C. 1954. In December 1961 petitioner and his three daughters entered into contracts under which he bought stock belonging to them.
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In 1960 petitioner sold certain property for cash and a 10-year note providing for equal annual payments. He duly elected to report the gain from the sale under the installment method of reporting provided for in sec. 453, I.R.C. 1954. In December 1961 petitioner and his three daughters entered into contracts under which he bought stock belonging to them. The contracts were amended in April 1962. Under the contracts, as amended, petitioner received his daughters' stock in return for cash and his promissory notes. These notes were purportedly secured by petitioner's assignment of three…
1Opinion of the Court
Fay, Judge:
Respondent determined a deficiency of $66,666.84 in petitioners’ income tax for the taxable year ended June 30, 1962.
The sole issue is whether petitioner Joe D. Branham “disposed of” certain installments due him under a promissory note within the purview of section 453(d) (l).1
FINDINGS OF FACT
Some of the facts were stipulated. The stipulation of facts, together with the exhibits attached thereto, is incorporated herein by this reference.
Joe D. Branham and Blanche M. Branham are husband and wife. They filed a Federal joint income tax return on the cash basis of accounting for the…
2Cases cited3 opinions
- Mayerson v. CommissionerUnited States Tax Court · 1966
- Robinson v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1934
- Robinson v. CommissionerUnited States Board of Tax Appeals · 1933
3Cited by7 opinions
- United Surgical Steel Co. v. CommissionerUnited States Tax Court · 1970
- Luckman v. CommissionerUnited States Tax Court · 1971
- Branham v. CommissionerUnited States Tax Court · 1968
- Estate of Broadhead v. CommissionerUnited States Tax Court · 1972
- Luckman v. CommissionerUnited States Tax Court · 1971
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