Carter v. Commissioner
United States Board of Tax Appeals
COMMUNITY PROPERTY - TEXAS. - Petitioner and his wife are residents of the State of Texas, and have been since their marriage in 1910. Prior to marriage petitioner acquired by gift from his father 650 shares of stock in a texas corporation, and subsequently acquired additional shares (1) by purchase with community funds, (2) by way of stock dividends, and (3) by gift from his mother.
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COMMUNITY PROPERTY - TEXAS. - Petitioner and his wife are residents of the State of Texas, and have been since their marriage in 1910. Prior to marriage petitioner acquired by gift from his father 650 shares of stock in a texas corporation, and subsequently acquired additional shares (1) by purchase with community funds, (2) by way of stock dividends, and (3) by gift from his mother. He sold 500 shares at a profit in the taxable year 1931. Held, the profit so derived was, under Texas law, community funds of petitioner and his wife, whether the stock sold was all petitioner's separate…
1Opinion of the Court
*856OPINION.
Hill:
Petitioner and his wife since the date of their marriage in 1910 and at all times have been residents of the State of Texas. Prior to his marriage petitioner acquired by gift from his father 650 shares of stock of the W. T. Carter Lumber & Building Co., a Texas corporation. Subsequently (but prior to 1930) petitioner acquired additional shares of stock of the same company (1) by purchase with community funds, (2) by way of stock dividends, and (3) by gift from his mother. In 1930 petitioner sold 500 shares of the stock, and in the taxable year 1931 sold at a profit 500 additional…
2Cases cited16 opinions
- Poe v. SeabornSupreme Court of the United States · 1930
- Arnold v. LeonardTexas Supreme Court · 1925
- Hopkins v. BaconSupreme Court of the United States · 1930
- Mitchell v. MitchellTexas Supreme Court · 1891
- Stephens v. StephensCourt of Appeals of Texas · 1927
11 more not listed; retrieve them via the Exa API.
3Cited by6 opinions
- Commissioner of Internal Revenue v. SkaggsCourt of Appeals for the Fifth Circuit · 1941
- Carter v. CommissionerUnited States Board of Tax Appeals · 1937
- Commissioner of Internal Revenue v. SkaggsCourt of Appeals for the Fifth Circuit · 1941
- O'Connor v. CommissionerUnited States Board of Tax Appeals · 1939
- Simmons v. CommissionerUnited States Tax Court · 1950
1 more not listed; retrieve them via the Exa API.