Edson v. Commissioner
United States Board of Tax Appeals
1. Petitioner held taxable upon gain from the sale in 1919 of certain shares of stock alleged to have been previously conveyed as a gift to her daughter. 2. Where personal property was transferred subject to conditions limiting its use by the transferee, with a possibility of reversion to the transferor, and where the facts show that the transferor did not intend to relinquish all dominion and control of the property, held, that such transfer did not constitute an absolute…
Read the full summary
1. Petitioner held taxable upon gain from the sale in 1919 of certain shares of stock alleged to have been previously conveyed as a gift to her daughter. 2. Where personal property was transferred subject to conditions limiting its use by the transferee, with a possibility of reversion to the transferor, and where the facts show that the transferor did not intend to relinquish all dominion and control of the property, held, that such transfer did not constitute an absolute gift inter vivos. 3. The exchange of stock of one corporation for debenture bonds of another corporation held to have…
1Opinion of the Court
*627OPINION.
Smith :
Since there is no assignment of error and since no evidence has been adduced in respect of the proposed deficiency for the year 1921, the Commissioner’s determination for that year is approved.
The only objection made to the Commissioner’s computation for the year 1919 is that he has included in gross.income the profit from the sale of certain securities which the petitioner claims had been conveyed to her daughter as a gift prior to the date of their salé.
The first question for our consideration is whether the alleged gift by the petitioner to her daughter of the 708 shares of…
2Cases cited14 opinions
- Basket v. HassellSupreme Court of the United States · 1883
- Marr v. United StatesSupreme Court of the United States · 1925
- In re Estate of SoulardSupreme Court of Missouri · 1897
- Allen-West Commission Co. v. GrumblesCourt of Appeals for the Eighth Circuit · 1904
- Harris Banking Co. v. MillerSupreme Court of Missouri · 1905
9 more not listed; retrieve them via the Exa API.
3Cited by7 opinions
- Apt v. BirminghamDistrict Court, N.D. Iowa · 1950
- Security First Nat'l Bank v. CommissionerUnited States Board of Tax Appeals · 1933
- Varnell v. CommissionerUnited States Board of Tax Appeals · 1933
- Edson v. CommissionerUnited States Board of Tax Appeals · 1928
- Greene v. CommissionerUnited States Board of Tax Appeals · 1929
2 more not listed; retrieve them via the Exa API.