Norton v. Commissioner
United States Tax Court
Issue 1: Government Bonds Transactions. (a) Held, upon the facts: That in each one of the four transactions involving $1,000,000 Federal Land Bank bonds, $100,000 U.S. Treasury bonds, $100,000 Treasury bonds, and $500,000 Treasury notes, respectively, the petitioner.
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Issue 1: Government Bonds Transactions. (a) Held, upon the facts: That in each one of the four transactions involving $1,000,000 Federal Land Bank bonds, $100,000 U.S. Treasury bonds, $100,000 Treasury bonds, and $500,000 Treasury notes, respectively, the petitioner. Samuel P. Norton, did not enter into a bond fide transaction in each instance, on February 11, 1953, February 26, 1954, March 1, 1954, and December 23, 1955, respectively, for the purchase of the securities which purportedly were involved; that each transaction was without substance and reality and was a sham transaction; that…
1Opinion of the Court
Samuel P. Norton and Estate of Beatrice Norton, Deceased, Samuel P. Norton, Administrator v. Commissioner.
Norton v. Commissioner
Docket Nos. 67854, 74913, 74914, 77098, 91362, 948291.
United States Tax Court
T.C. Memo 1970-279; 1970 Tax Ct. Memo LEXIS 82; 29 T.C.M. (CCH) 1257; T.C.M. (RIA) 70279;
September 30, 1970. Filed
Issue 1: Government Bonds Transactions.(a) Held, upon the facts: That in each one of the four transactions involving $1,000,000 Federal Land Bank bonds, $100,000 U.S. Treasury bonds, $100,000 Treasury bonds, and $500,000 Treasury notes, respectively, the petitioner. Samuel P.…
2Cases cited72 opinions
- Gregory v. HelveringSupreme Court of the United States · 1935
- Deputy, Administratrix v. Du PontSupreme Court of the United States · 1940
- Knetsch v. United StatesSupreme Court of the United States · 1960
- United States v. GilmoreSupreme Court of the United States · 1963
- Old Colony Railroad v. CommissionerSupreme Court of the United States · 1932
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