Bowyer v. Commissioner
United States Tax Court
Petitioner, on March 6, 1953, acquired a going business which consisted of publishing and selling an annual city directory. Held, petitioner acquired the business by gift and his basis in the uncompleted copies at the time of the gift was $ 3,000, which sum is to be deducted from the proceeds received from the sale of the directories ($ 28,361.52) in the year 1953, in computing his gross income for that year.
1Opinion of the Court
Wren Bowyer and Jeanne Bowyer, Petitioners, v. Commissioner of Internal Revenue, Respondent
Bowyer v. Commissioner
Docket No. 69487
United States Tax Court
33 T.C. 660; 1960 U.S. Tax Ct. LEXIS 230;
January 12, 1960, Filed
Decision will be entered under Rule 50.
Petitioner, on March 6, 1953, acquired a going business which consisted of publishing and selling an annual city directory. Held, petitioner acquired the business by gift and his basis in the uncompleted copies at the time of the gift was $ 3,000, which sum is to be deducted from the proceeds received from the sale of the directories ($…
2Cases cited5 opinions
- Cohan v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1930
- C. D. Johnson Lumber Corp. v. CommissionerUnited States Tax Court · 1949
- Commissioner v. EhrhartCourt of Appeals for the Fifth Circuit · 1936
- Bowyer v. CommissionerUnited States Tax Court · 1960
- Zenith Sportswear Co. v. CommissionerUnited States Tax Court · 1957