Bryan v. Commissioner
United States Tax Court
Petitioner, in his income tax return for 1944, reported the sale of certain shares of stock but reported no gain on such sale claiming such shares were a gift. Held, that petitioner acquired the shares of stock for an adequate consideration and their basis for tax purposes, as determined by respondent, will not be disturbed.
1Opinion of the Court
OPINION.
Rice, Judge:
The petitioner claims that the 1972 shares of stock which he received from Durston were a gift and that he is entitled to the donor’s basis of $170,205; and that, since he sold them for less than that amount, no gain or loss is recognizable. Respondent, on the other hand, claims that said shares were riot a gift because they were received by petitioner for an adequate consideration; that, consequently, the basis for computing gain or loss thereon was the fair market value of said shares when received; and that said shares were-received for tax purposes on January 7,1935,…
2Cases cited8 opinions
- Ross v. Commissioner of Internal RevenueCourt of Appeals for the First Circuit · 1948
- Bonham v. Commissioner of Internal RevenueCourt of Appeals for the Eighth Circuit · 1937
- Continental Oil Co. v. JonesCourt of Appeals for the Tenth Circuit · 1949
- Bennet v. HelveringCourt of Appeals for the Second Circuit · 1943
- Commissioner of Internal Revenue v. FarrenCourt of Appeals for the Tenth Circuit · 1936
3 more not listed; retrieve them via the Exa API.
3Cited by4 opinions
- Bryan v. CommissionerUnited States Tax Court · 1951
- Norman v. CommissionerUnited States Tax Court · 1986
- Rice v. CommissionerUnited States Tax Court · 1982
- Wilson v. CommissionerUnited States Tax Court · 1996