Anderson v. Commissioner
United States Tax Court
Held, that that part of the profit from the sale of stock and other interests represented by a portion of the purchase price which was, in accordance with the contracts of sale, placed in a depository account at the time of the sales in order to protect the buyer against various contingent liabilities of the corporation the stock of which was being purchased, was not income to the seller on cash basis in the year of sale.
1Opinion of the Court
William O. Anderson and Glenna Anderson v. Commissioner. J. Irving Anderson and Grace H. Anderson v. Commissioner.
Anderson v. Commissioner
Docket Nos. 79669, 79670.
United States Tax Court
T.C. Memo 1961-139; 1961 Tax Ct. Memo LEXIS 213; 20 T.C.M. (CCH) 697; T.C.M. (RIA) 61139;
May 17, 1961
Held, that that part of the profit from the sale of stock and other interests represented by a portion of the purchase price which was, in accordance with the contracts of sale, placed in a depository account at the time of the sales in order to protect the buyer against various contingent liabilities of the…
2Cases cited9 opinions
- Corliss v. BowersSupreme Court of the United States · 1930
- Johnston v. CommissionerUnited States Tax Court · 1950
- Commissioner of Int. Rev. v. Cleveland Trinidad Pav. Co.Court of Appeals for the Sixth Circuit · 1932
- Bassett v. CommissionerUnited States Board of Tax Appeals · 1935
- Hall v. CommissionerUnited States Tax Court · 1950
4 more not listed; retrieve them via the Exa API.
3Cited by1 opinion
- Stella A. Schaevitz Trust v. Director, Division of TaxationNew Jersey Tax Court · 1995