Behles v. Commissioner
United States Board of Tax Appeals
In 1913 the petitioner entered into an agreement to purchase stock in the A. D. Shoup Co. from A. D. Shoup for $21,550. The seller was not obligated to deliver the stock to the petitioner until the purchase price was fully paid out of dividends derived from the same stock and the petitioner was expressly relieved from any liability to pay otherwise.
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In 1913 the petitioner entered into an agreement to purchase stock in the A. D. Shoup Co. from A. D. Shoup for $21,550. The seller was not obligated to deliver the stock to the petitioner until the purchase price was fully paid out of dividends derived from the same stock and the petitioner was expressly relieved from any liability to pay otherwise. The purchase price was fully paid from dividends in 1914. In the agreement there was reserved to the seller or the A. D. Shoup Co. the right to purchase, at book value, the same stock interest in the event the petitioner ceased to be employed by…
1Opinion of the Court
*1211OPINION.
McMahon :
We are here called upon to determine the amount of capital gain derived by the petitioner upon the disposition in 1926 of his stock interest covered by the agreement of January 15, 1913. There is no controversy as to the amount received upon its disposition. The petitioner received $100,000 in cash and 2,500 shares of stock of the Wrigley Co., which stock was worth $53.50 per share or a total consideration, including cash, of $233,750. Nor is there any dispute as to the amount of the cost of the stock interest to the petitioner, which was $21,550. The Commissioner in the…
2Cases cited5 opinions
- Wulzen v. Bd. of Supervisors of City & Cty of San FranciscoCalifornia Supreme Court · 1894
- Andrews v. CommissionerUnited States Board of Tax Appeals · 1928
- Hazleton v. Le DucCourt of Appeals for the D.C. Circuit · 1897
- Belridge Oil Co. v. CommissionerUnited States Board of Tax Appeals · 1932
- Ruppert v. McArdleDistrict of Columbia Court of Appeals · 1914
3Cited by1 opinion
- Behles v. CommissionerUnited States Board of Tax Appeals · 1934