Downer v. Commissioner
United States Tax Court
In 1961, petitioner transferred 100,000 shares of stock in the corporation to an employee of the corporation to induce him to continue to work for the corporation. Petitioner retained 325,000 shares. Held, the transaction was a "sale or exchange" and petitioner sustained a capital loss.
1Opinion of the Court
Tannenwald, Judge:
Respondent determined a deficiency in petitioners’ income tax for the taxable year 1961 in the ‘amount of $36,-365.31. Petitioners have claimed an overpayment of income taxes for 1961 in an unspecified amount. After concession by petitioners of certain issues, there remains for us to decide whether petitioners are entitled to a deduction in 1961 in respect of stock transferred in that year and, if so, the nature and amount of such deduction.
bindings op pact
Some of the facts have been stipulated and are found accordingly.
Petitioners are husband and wife and resided in…
2Cases cited30 opinions
- Commissioner v. DubersteinSupreme Court of the United States · 1960
- United States v. DavisSupreme Court of the United States · 1962
- Howell v. Commissioner of Internal RevenueCourt of Appeals for the Eighth Circuit · 1934
- United States v. General Shoe CorporationCourt of Appeals for the Sixth Circuit · 1960
- Hewett v. CommissionerUnited States Tax Court · 1967
25 more not listed; retrieve them via the Exa API.
3Cited by35 opinions
- Markwardt v. CommissionerUnited States Tax Court · 1975
- Santa Anita Consol., Inc. v. CommissionerUnited States Tax Court · 1968
- Commissioner v. FinkSupreme Court of the United States · 1987
- Smith v. CommissionerUnited States Tax Court · 1976
- Schleppy v. CommissionerCourt of Appeals for the Fifth Circuit · 1979
30 more not listed; retrieve them via the Exa API.