George J. Becker and Isabelle Becker v. Commissioner of Internal Revenue

OPINION OF THE COURT

GANEY, Circuit Judge.

This case involves the length of the holding period of shares of stock. If they were held for less than six months, the gain derived from their sale by the petitioner-taxpayer is to be taxed as ordinary income. If held for more than six months, then the income is to be taxed as capital gain. There is no dispute about the date on which the taxpayer sold the stock. He maintains that he acquired substantial contractual rights to the stock, which later ripened into full ownership, on the day that he mailed his notice of acceptance of his option to the…