St. Louis Union Trust Co. v. Commissioner
United States Board of Tax Appeals
1. In the absence of evidence showing that the fair market value of securities received by the petitioners from the executors of the estate of John I. Beggs was other than the prices at which the securities sold on the New York Stock Exchange on the dates the petitioners received them, it is held that the quoted prices for them on the dates of receipt represent their fair market values. 2. In 1929 the petitioners received certain stock rights, which were not exercised by the…
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1. In the absence of evidence showing that the fair market value of securities received by the petitioners from the executors of the estate of John I. Beggs was other than the prices at which the securities sold on the New York Stock Exchange on the dates the petitioners received them, it is held that the quoted prices for them on the dates of receipt represent their fair market values. 2. In 1929 the petitioners received certain stock rights, which were not exercised by the petitioners and which became worthless in their hands in 1929. Held, that the petitioners sustained no deductible loss…
1Opinion of the Court
ST. LOUIS UNION TRUST COMPANY, A COMPORATION, RICHARD MCCULLOCH AND LAWRENCE A. OLWELL, CO-TRUSTEES OF THE TESTAMENTARY TRUSTS CREATED BY THE WILL OF JOHN I. BEGGS, DECEASED, PETITIONERS, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
St. Louis Union Trust Co. v. Commissioner
Docket No. 65675.
United States Board of Tax Appeals
30 B.T.A. 370; 1934 BTA LEXIS 1336;
April 13, 1934, Promulgated
1. In the absence of evidence showing that the fair market value of securities received by the petitioners from the executors of the estate of John I. Beggs was other than the prices at which the securities…
2Cases cited8 opinions
- Brewster v. GageSupreme Court of the United States · 1930
- R. H. Stearns Co. v. United StatesSupreme Court of the United States · 1934
- Anderson v. WilsonSupreme Court of the United States · 1933
- Kenaday v. SinnottSupreme Court of the United States · 1901
- Kier v. CommissionerUnited States Board of Tax Appeals · 1933
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