Kaplan v. Commissioner
United States Tax Court
1. Petitioner contended that 186 issues of securities purchased in his name were so purchased in error, and should have been bought for his wholly owned corporation. Petitioner sold 14 of the issues on the market and later transferred the remaining 172 issues to his wholly owned corporation. Dividends received on the stock and losses on the sale of the 14 issues were included in petitioner's income tax return.
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1. Petitioner contended that 186 issues of securities purchased in his name were so purchased in error, and should have been bought for his wholly owned corporation. Petitioner sold 14 of the issues on the market and later transferred the remaining 172 issues to his wholly owned corporation. Dividends received on the stock and losses on the sale of the 14 issues were included in petitioner's income tax return. Held, on the facts, the 186 securities were petitioner's individual property and the transfer of 172 issues to the corporation was a sale. 2. Losses on the sale by petitioner of certain…
1Opinion of the Court
Aetjndell, Judge:
The respondent has determined a deficiency in the amount of $35,853.24 in the income tax of the petitioners for the taxable year 1946. The issues to be decided are as follows:
1. Whether 172 issues of stock from a block of 186 issues purchased in the name of J. M. Kaplan, hereinafter referred to as petitioner, were bought by him and later sold to Navajo Corporation, hereinafter sometimes referred to as Navajo, or whether the purchased securities were bought for the account of Navajo and in error placed in the name of petitioner and the transfer to Navajo was made solely to…
Also in this document: Dissent.
2Cases cited12 opinions
- Deputy, Administratrix v. Du PontSupreme Court of the United States · 1940
- Higgins v. SmithSupreme Court of the United States · 1940
- Doyle v. Mitchell Brothers Co.Supreme Court of the United States · 1918
- Weiss v. StearnSupreme Court of the United States · 1924
- Dalton v. BowersSupreme Court of the United States · 1932
7 more not listed; retrieve them via the Exa API.
3Cited by66 opinions
- Markwardt v. CommissionerUnited States Tax Court · 1975
- Stolk v. CommissionerUnited States Tax Court · 1963
- Hewett v. CommissionerUnited States Tax Court · 1967
- Deely v. CommissionerUnited States Tax Court · 1980
- United States Holding Co. v. CommissionerUnited States Tax Court · 1965
61 more not listed; retrieve them via the Exa API.