O'Connor v. Commissioner
United States Board of Tax Appeals
COMMUNITY PROPERTY. - Profit from sale of United States bonds was taxable to husband where the bonds were his separate property and the gain resulted from a mere increase in market value of the bonds not occasioned by any activity of the community.
1Opinion of the Court
OPINION.
Murdock:
The Commissioner determined a deficiency of $765.82 in the petitioner’s income tax for 1936. The only issue for decision is whether the gain from the sale of United States bonds was community property, as the petitioner contends, or was the separate property of the petitioner, as the Commissioner has determined. The case has been submitted upon the pleadings, all of the allegations of fact in the petition having been admitted in the answer. The facts are found as pleaded.
The petitioner acquired $326,000 face value of United States bonds as a legatee and devisee of his brother.…
2Cases cited4 opinions
- Stephens v. StephensCourt of Appeals of Texas · 1927
- Stringfellow v. SorrellsTexas Supreme Court · 1891
- Hayden v. McMillan, Devine & HowardCourt of Appeals of Texas · 1893
- Polley v. StateCourt of Criminal Appeals of Texas · 1937
3Cited by7 opinions
- Johnson v. CommissionerUnited States Tax Court · 1979
- Commissioner of Internal Revenue v. SkaggsCourt of Appeals for the Fifth Circuit · 1941
- Commissioner of Internal Revenue v. SkaggsCourt of Appeals for the Fifth Circuit · 1941
- Finley v. CommissionerUnited States Tax Court · 1982
- Johnson v. CommissionerUnited States Tax Court · 1979
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