Couzens v. Commissioner
United States Board of Tax Appeals
1. The function of the Board is not primarily to declare a rule but to determine the issues presented in each case in the light of the evidence therein, to the end that the present tax liability of each petitioner may be settled. 2. Where, during the negotiations for the sale of property by a taxpayer, a valuation of the property was sought from the Commissioner of Internal Revenue in order that the taxpayer could ascertain the extent of his tax liability in the event of…
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1. The function of the Board is not primarily to declare a rule but to determine the issues presented in each case in the light of the evidence therein, to the end that the present tax liability of each petitioner may be settled. 2. Where, during the negotiations for the sale of property by a taxpayer, a valuation of the property was sought from the Commissioner of Internal Revenue in order that the taxpayer could ascertain the extent of his tax liability in the event of sale, and the Commissioner stated a valuation, whereupon the sale was consummated and the tax computed and paid on the…
1Opinion of the Court
*1146OPINION.
Sternhagen:
The petitioner, in September, 1919, sold 2,180 shares of stock in the Ford Motor Co. of Michigan for $29,308,857.90, an average price of $13,444.43 a share. The gain derived from this sale was subject to tax in accordance with the Revenue Act of 1918, which took effect February 25, 1919, and which provided in section 202 (a):
That for the purpose of ascertaining the gain derived or loss sustained from the sale or other disposition of property, real, personal, or mixed, the basis shall be—(1) In the case of property acquired before March 1, 1913, the fair market price or…
2Cases cited14 opinions
- The Minnesota Rate CasesSupreme Court of the United States · 1913
- Wickwire v. ReineckeSupreme Court of the United States · 1927
- Southern Pacific Co. v. LoweSupreme Court of the United States · 1918
- Lynch v. HornbySupreme Court of the United States · 1918
- United States v. FlannerySupreme Court of the United States · 1925
9 more not listed; retrieve them via the Exa API.
3Cited by32 opinions
- Howard S. Scar and Ethel M. Scar v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1987
- Ramon Portillo and Dolores Portillo v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1991
- Estate of Gilford v. CommissionerUnited States Tax Court · 1987
- Clapp v. CommissionerCourt of Appeals for the Ninth Circuit · 1989
- Graff v. CommissionerUnited States Tax Court · 1980
27 more not listed; retrieve them via the Exa API.