Propper v. Commissioner
United States Board of Tax Appeals
1. The entire amount of gain upon the sale or exchange of property must be first determined under section 111 of the Revenue Act of 1928, but if the transaction falls within subdivision (c) of section 112 of the act, that is, if stock, in addition to money and other property, is received then the gain shall be recognized only in an amount not in excess of the sum of money and the fair market value of property other than the stock so received. 2. Id. - The value of stock…
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1. The entire amount of gain upon the sale or exchange of property must be first determined under section 111 of the Revenue Act of 1928, but if the transaction falls within subdivision (c) of section 112 of the act, that is, if stock, in addition to money and other property, is received then the gain shall be recognized only in an amount not in excess of the sum of money and the fair market value of property other than the stock so received. 2. Id. - The value of stock received in the transaction aforesaid determined.
1Opinion of the Court
*263OPINION.
MoRRis:
There is no dispute over the cost basis to be used in the determination of gain or loss to these petitioners growing out of the transaction set forth hereinabove. Nor is there any dispute respecting inclusion of the cash, bonds, and real estate in such determination. Hence, the only question for our determination is whether or not the shares of the Delaware corporation, some under a 5-year restriction and some under a 90-day restriction upon sale, to the extent of their value as we find it from the record, should be included in the determination of gain or loss under section…
2Cases cited1 opinion
- Lucas v. EarlSupreme Court of the United States · 1930
3Cited by5 opinions
- Schuh Trading Co. v. Commissioner of Internal RevenueCourt of Appeals for the Seventh Circuit · 1938
- Arc Realty Co. v. CommissionerUnited States Tax Court · 1960
- Propper v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1937
- Arc Realty Co. v. CommissionerUnited States Tax Court · 1960
- Propper v. CommissionerUnited States Board of Tax Appeals · 1935