United Nat'l Corp. v. Commissioner
United States Board of Tax Appeals
Where the petitioner delivered certain stock to another corporation subject to a repurchase agreement, exercisable at the demand of either party, and the proof establishes that the intention was to place the stock with the other corporation as security for a loan of money or credit, the transaction is not a sale resulting in taxable gain to petitioner, but is a mortgage.
1Opinion of the Court
OPINION.
McMahon:
This is a proceeding for the redetermination of a deficiency in income tax for the fiscal year ended June 30, 1930, in the amount of $7,310.68.
It is alleged that the respondent erred in including in petitioner’s taxable income a profit of $296,895.25 which petitioner had reported in its return as profit on a purported sale to United Pacific Bond & Share Corporation of certain stocks with warrants, instead of holding that such securities were pledged as security for a loan and not sold, and in disallowing petitioner’s claim for refund based upon the claim that such purported…
2Cases cited11 opinions
- Peugh v. DavisSupreme Court of the United States · 1878
- Conway's Executors & Devisees v. AlexanderSupreme Court of the United States · 1812
- Sawyer v. TurpinSupreme Court of the United States · 1875
- Dorsey v. PackwoodSupreme Court of the United States · 1852
- Wallace. v. JohnstoneSupreme Court of the United States · 1889
6 more not listed; retrieve them via the Exa API.
3Cited by12 opinions
- Thompson v. CommissionerUnited States Tax Court · 1976
- Andrew Crispo Gallery, Inc. v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1994
- Andrew Crispo Gallery v. CommissionerUnited States Tax Court · 1992
- Adams v. CommissionerUnited States Tax Court · 1972
- Bayard v. CommissionerUnited States Board of Tax Appeals · 1938
7 more not listed; retrieve them via the Exa API.