United States v. Kaplan

Decided by the Supreme Court upon the authority of Pacific National Co. v. Welch, 304 U. S. 191.

The decision of the Supreme Court, May 2, 1938, in full is as follows:

Respondent and his wife in a joint return of income tax for 1929 reported a profit of $194,000 from the sale of 25 shares of the stock of “No. 1100 Park Avenue,” and disclosed tax of $2,084.20 which was paid. The taxable income was less than the profit in question. It resulted from the sale by him, April 11, 1929, for a net price of $240,000 of stock bought in 1928 for $46,000. The buyer agreed to pay $25,000 cash and the balance…