Carpenter v. Commissioner
United States Tax Court
In 1953, petitioner accepted an offer for the purchase of her stock in a certain corporation. Prior to consummation numerous lawsuits were filed by third parties questioning her title to said stock on the ground that it had been transferred to her in fraud of her husband's creditors. The buyer learned of these suits and refused to perform unless it be permitted to withhold the sale proceeds until such suits had been disposed of.
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In 1953, petitioner accepted an offer for the purchase of her stock in a certain corporation. Prior to consummation numerous lawsuits were filed by third parties questioning her title to said stock on the ground that it had been transferred to her in fraud of her husband's creditors. The buyer learned of these suits and refused to perform unless it be permitted to withhold the sale proceeds until such suits had been disposed of. Petitioner agreed to this proposition, and the sale of said stock was then so consummated. On such facts petitioner did not have an unqualified right to demand, nor…
1Opinion of the Court
FoeResteR, Judge:
Respondent has determined a deficiency of $124,647.02 in petitioner’s income tax for the year 1953. The sole issue is whether petitioner constructively received the proceeds from the sale of certain stock in such year.
BINDINGS OF FACT.
Some of the facts have been stipulated and are so found.
The petitioner and her husband, A. H. Carpenter (hereinafter referred to as A. H.), are residents of Clark County, Kentucky, and resided there at all times hereinafter mentioned. Petitioner filed an individual income tax return for 1953 on the cash receipts and disbursements basis with the…
2Cases cited6 opinions
- North American Oil Consolidated v. BurnetSupreme Court of the United States · 1932
- Veit v. CommissionerUnited States Tax Court · 1947
- Bassett v. CommissionerUnited States Board of Tax Appeals · 1935
- McArdle v. CommissionerUnited States Tax Court · 1948
- Richard W. Terrill and Frances Terrill v. A. H. Carpenter, Margaret L. Carpenter and the South Central Petroleum CorporationCourt of Appeals for the Sixth Circuit · 1957
1 more not listed; retrieve them via the Exa API.
3Cited by10 opinions
- Stiles v. CommissionerUnited States Tax Court · 1978
- Gray v. CommissionerCourt of Appeals for the Ninth Circuit · 1977
- Allen v. CommissionerUnited States Tax Court · 1975
- Anderson v. CommissionerUnited States Tax Court · 1961
- John D. Gray v. Commissioner Of Internal RevenueCourt of Appeals for the First Circuit · 1977
5 more not listed; retrieve them via the Exa API.