Branham v. Commissioner
United States Tax Court
In 1960 petitioner sold certain property for cash and a 10-year note providing for equal annual payments. He duly elected to report the gain from the sale under the installment method of reporting provided for in sec. 453, I.R.C. 1954. In December 1961 petitioner and his three daughters entered into contracts under which he bought stock belonging to them.
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In 1960 petitioner sold certain property for cash and a 10-year note providing for equal annual payments. He duly elected to report the gain from the sale under the installment method of reporting provided for in sec. 453, I.R.C. 1954. In December 1961 petitioner and his three daughters entered into contracts under which he bought stock belonging to them. The contracts were amended in April 1962. Under the contracts, as amended, petitioner received his daughters' stock in return for cash and his promissory notes. These notes were purportedly secured by petitioner's assignment of three…
1Opinion of the Court
JOE D. BRANHAM AND BLANCHE M. BRANHAM, PETITIONERS v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT
Branham v. Commissioner
Docket No. 2956-67.
United States Tax Court
51 T.C. 175; 1968 U.S. Tax Ct. LEXIS 35;
October 28, 1968. Filed
In 1960 petitioner sold certain property for cash and a 10-year note providing for equal annual payments. He duly elected to report the gain from the sale under the installment method of reporting provided for in sec. 453, I.R.C. 1954. In December 1961 petitioner and his three daughters entered into contracts under which he bought stock belonging to them. The contracts…
2Cases cited4 opinions
- Mayerson v. CommissionerUnited States Tax Court · 1966
- Branham v. CommissionerUnited States Tax Court · 1968
- Robinson v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1934
- Robinson v. CommissionerUnited States Board of Tax Appeals · 1933