Myers v. Commissioner
United States Board of Tax Appeals
Petitioner claimed title to certain corporate stock and in 1928 sold the stock as his own. The consideration was paid to a trustee. A portion of the purchase price was delivered to petitioner by the trustee. The remainder was held by the trustee to protect the buyer against defects in petitioner's title. Held to constitute receipt by petitioner of entire amount of consideration in 1928.
1Opinion of the Court
*47OPINION.
Adams :
Under the facts as found, the sole question presented for determination is:
Was the $200,000, a part of the consideration for the stock in question, income to the petitioner for the year 1928 ?
The respondent contends that title to the securities passed from the petitioner to the purchaser; that delivery was made and the agreed consideration was paid in full; that the transaction was closed as between the seller and purchaser, and the entire- amount of the consideration must be considered in determining the profit or loss arising from the sale.
Petitioner argues in his brief that…
2Cases cited3 opinions
- Merren v. CommissionerUnited States Board of Tax Appeals · 1929
- Federal Dev. Co. v. CommissionerUnited States Board of Tax Appeals · 1930
- Stoner v. CommissionerUnited States Board of Tax Appeals · 1934
3Cited by1 opinion
- Myers v. CommissionerUnited States Board of Tax Appeals · 1934