Gerlach v. Commissioner
United States Board of Tax Appeals
Petitioner purchased stock, paying part in cash and giving his notes for the balance, the stock being deposited under a contract with a trustee as collateral security for payment of the notes, with power to sell in case of default. Thereafter, he assigned his interest in the contract and the stock to his wife by another contract, signed by her, providing that the dividends received thereon should be used to satisfy the existing encumbrance on the stock.
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Petitioner purchased stock, paying part in cash and giving his notes for the balance, the stock being deposited under a contract with a trustee as collateral security for payment of the notes, with power to sell in case of default. Thereafter, he assigned his interest in the contract and the stock to his wife by another contract, signed by her, providing that the dividends received thereon should be used to satisfy the existing encumbrance on the stock. During the taxable years in question all the dividends on the escrowed stock were paid to the wife and were then applied to the stock…
1Opinion of the Court
THEODORE R. GERLACH, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Gerlach v. Commissioner
Docket Nos. 38042, 41641.
United States Board of Tax Appeals
27 B.T.A. 565; 1933 BTA LEXIS 1325;
January 31, 1933, Promulgated
Petitioner purchased stock, paying part in cash and giving his notes for the balance, the stock being deposited under a contract with a trustee as collateral security for payment of the notes, with power to sell in case of default. Thereafter, he assigned his interest in the contract and the stock to his wife by another contract, signed by her, providing that the…
2Cases cited1 opinion
- Gerlach v. CommissionerUnited States Board of Tax Appeals · 1933