Delone v. Commissioner
United States Tax Court
Petitioner's husband willed to her all of his estate, but directed that she sell his entire 2,544 shares of common stock of a corporation to 3 other major stockholders at $ 100 per share. The estate tax appraisal of the stock was $ 125 per share. Petitioner held 865 shares of such stock independently of the will at a basis of $ 100 per share.
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Petitioner's husband willed to her all of his estate, but directed that she sell his entire 2,544 shares of common stock of a corporation to 3 other major stockholders at $ 100 per share. The estate tax appraisal of the stock was $ 125 per share. Petitioner held 865 shares of such stock independently of the will at a basis of $ 100 per share. Petitioner and the 3 stockholders made an agreement whereby she transferred 693 of her shares to them and her remaining 2,716 shares to the corporation, for a consideration consisting of cash and preferred stock of the corporation. Petitioner also…
1Opinion of the Court
OPINION.
Hill, Judge:
The question here is how much, if any, capital gain petitioner realized on the transfer on September 20, 194.0, of 3,409 shares of common stock. There is no dispute as to the value of her receipts as a result of this transfer or as to the basis of 865 shares which she had acquired by purchase at $100 per share The difficulty arises with respect to the 2,544 shares which were the subject of a testamentary disposition by petitioner’s husband, C. J. Delone. The pertinent provisions of Delone’s will and of the agreement under which these shares were transferred are fully set…
2Cases cited10 opinions
- Lyeth v. HoeySupreme Court of the United States · 1938
- Helvering v. SalvageSupreme Court of the United States · 1936
- Helvering v. San Joaquin Fruit & Investment Co.Supreme Court of the United States · 1936
- Hoffman v. CommissionerUnited States Tax Court · 1943
- Mack v. CommissionerUnited States Tax Court · 1944
5 more not listed; retrieve them via the Exa API.
3Cited by12 opinions
- Provident National Bank, of the Estate of Abram L. Spector and Trustee Under Paragraph 12 of the Will of Abram L. Spector v. United StatesCourt of Appeals for the Third Circuit · 1978
- Estate of Cordeiro v. CommissionerUnited States Tax Court · 1968
- Fiorito v. CommissionerUnited States Tax Court · 1959
- Haynsworth v. CommissionerUnited States Tax Court · 1977
- Cooley v. CommissionerUnited States Tax Court · 1959
7 more not listed; retrieve them via the Exa API.