Gilbert v. Commissioner
United States Tax Court
Held, on the facts, that the notes involved were not "in registered form" within the language of section 117 (f) of the Internal Revenue Code, and that amounts collected thereon were taxable in full, and not subject to limitations as capital gains; held, further, that the petitioner had not recovered his entire base in the notes in a former year, and properly reported only a portion of the amount collected.
1Opinion of the Court
OPINION.
Disney, Judge:
These cases, duly consolidated, involve income taxes. Deficiencies were determined by the Commissioner in Docket No. 5866, Joseph E. Gilbert, petitioner, in the amounts of $6,552.90, $6,097.93, and $13,921.06, for the calendar years 1938, 1939, and 1940, respectively. An amended answer filed by the Commissioner asks that such deficiencies be increased by $33,415.89, $32,254.33, and $43,916.63, respectively, for the years involved. In Docket No. 3746, Victor B. Gilbert, petitioner, involving the calendar year 1940, deficiency was determined in the amount of $439.25. No…
2Cases cited2 opinions
- Burnet v. LoganSupreme Court of the United States · 1931
- McClain v. CommissionerSupreme Court of the United States · 1941
3Cited by18 opinions
- Underhill v. CommissionerUnited States Tax Court · 1966
- Liftin v. CommissionerUnited States Tax Court · 1961
- Hatch v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1951
- Earl A. Phillips and Dorothy M. Phillips v. William E. Frank, District Director of Internal RevenueCourt of Appeals for the Ninth Circuit · 1961
- Darby Inv. Corp. v. CommissionerUnited States Tax Court · 1962
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