Legal Opinion
Calvin D. Mitchell and Fay Bond Mitchell v. Commissioner of Internal Revenue
Court of Appeals for the Fourth Circuit
Decided March 6, 1962No. 8365PublishedCited by 39 opinions
1Opinion of the Court
SOBELOFF, Chief Judge.
Capital gains treatment is denied by section 1239 of the Internal Revenue Code of 1954, 26 U.S.C.A. § 1239, to profits from the sale of depreciable property when sold by a taxpayer to a corporation of which more than 80% of the value of the stock is held by the taxpayer, his spouse, and his minor children and grandchildren. The question presented here is whether corporate stock, held by a bank in an irrevocable trust for the taxpayer’s minor children, is “owned” by these children within the meaning of the statute. The Tax Court, sustaining the Commissioner, held that…
2Cases cited6 opinions
- Commissioner v. Glenshaw Glass Co.Supreme Court of the United States · 1955
- Commissioner v. AckerSupreme Court of the United States · 1959
- Cammarano v. United StatesSupreme Court of the United States · 1959
- United States v. CalamaroSupreme Court of the United States · 1957
- Sims v. United StatesSupreme Court of the United States · 1959
1 more not listed; retrieve them via the Exa API.
3Cited by39 opinions
- Yamamoto v. CommissionerUnited States Tax Court · 1980
- Harry Trotz and Camille Trotz v. Commissioner of Internal RevenueCourt of Appeals for the Tenth Circuit · 1966
- Trotz v. CommissionerUnited States Tax Court · 1964
- 10-42 Corp. v. CommissionerUnited States Tax Court · 1971
- Drybrough v. CommissionerUnited States Tax Court · 1964
34 more not listed; retrieve them via the Exa API.