Maley v. Commissioner
United States Tax Court
1. Petitioner in 1939 inherited one-third of his father's interest in a 1937 farmers' cooperative wine marketing pool. During the period 1939 through 1945, wine and other products from the pool were sold and profits of the pool were computed and currently distributed.
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1. Petitioner in 1939 inherited one-third of his father's interest in a 1937 farmers' cooperative wine marketing pool. During the period 1939 through 1945, wine and other products from the pool were sold and profits of the pool were computed and currently distributed. Such proceeds as the petitioner realized in 1944 and 1945 from such liquidation of this wine pool, when added to proceeds which he had received earlier, exceeded the 1939 fair market value of his inherited interest. Held, that the amounts received by the petitioner in 1944 and 1945 from the liquidation of the pool in excess of…
1Opinion of the Court
OPINION.
Hill, Judge:
The first issue involves the question whether in the years 1944 and 1945 the petitioner did, as a matter of fact, realize any gains on the liquidation of his interest inherited from his father in the 1937 wine pool and, if such gains were realized, whether they were taxable as ordinary income or as capital gains.
On the date of decedent’s death, his interest in the 1937 wine pool was valued for Federal estate tax purposes at $14,000. That this amount represented the fair market value of decedent’s interest in the pool on the date of his death has not been put in issue.…
2Cases cited5 opinions
- Lusthaus v. CommissionerSupreme Court of the United States · 1946
- Bogardus v. Santa Ana Walnut Growers Assn.California Court of Appeal · 1940
- San Joaquin Valley Poultry Producers' Ass'n v. CommissionerCourt of Appeals for the Ninth Circuit · 1943
- California & Hawaiian Sugar Refining Corp. v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1947
- Lusthaus v. COMMISSIONER OF INTERNAL REVENUECourt of Appeals for the Third Circuit · 1945
3Cited by8 opinions
- Llorente v. CommissionerUnited States Tax Court · 1980
- Estate of Ferber v. CommissionerUnited States Tax Court · 1954
- Linde v. CommissionerUnited States Tax Court · 1951
- Estate of Ferber v. CommissionerUnited States Tax Court · 1954
- Linde v. CommissionerUnited States Tax Court · 1951
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