Lewis v. Commissioner
United States Board of Tax Appeals
Petitioner was a member of a syndicate, all of whose assets were sold under a plan whereby petitioner had an option of receiving cash or stock for his interest in the syndicate. Petitioner elected to take cash, receiving a check for his interest in January 1929, although the sale was consummated November 15, 1928, and funds were then available to pay him had he demanded payment. Held, petitioner constructively received his portion of the syndicate profits in 1928.
1Opinion of the Court
OPINION.
Adams :
This proceeding involves a deficiency in income taxes for 1928 in the amount of $19,245.95. One question is presented by the appeal, namely, whether petitioner’s share of the profits-of a syndicate was income to him in 1928, under the doctrine.of constructive receipt, or whether such share was income to him in 1929, when actually received.
In August 1927, petitioner executed the following agreement:
It is proposed to form a syndicate for the purchase of Common Capital Stock of the Inland Steel Company, at quoted market prices, the aggregate cost price of shares originally…
2Cases cited1 opinion
- Heinz v. CommissionerUnited States Board of Tax Appeals · 1933
3Cited by8 opinions
- McEuen v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1952
- Willits v. CommissionerUnited States Tax Court · 1968
- Sainte Claire Corp. v. CommissionerUnited States Tax Court · 1997
- Lewis v. CommissionerUnited States Board of Tax Appeals · 1934
- Price v. CommissionerUnited States Tax Court · 1963
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