Scanlon v. Commissioner
United States Board of Tax Appeals
A voluntary contribution by a taxpayer to a corporation of which he is the sole owner, held not a gift subject to gift tax. Frank B. Thompson,42 B.T.A. 121, distinguished.
1Opinion of the Court
*998OPINION.
OppeR :
The present controversy involves the transfer by petitioner to his wholly owned corporation of shares of common and preferred stock of the Powell River Co., Ltd. The parties differ as to whether this was a gift subject to tax under the provisions of Revenue Act of 1932, sections 501, et seq., and, if so, as to the value of the stock transferred. Since we are of the opinion that the gift tax sections do not apply, consideration of the second question will be unnecessary.
Characterization of the transfer as a gift seems to us to be contrary to the generally accepted and ordinary…
2Cases cited3 opinions
- Eisner v. MacOmberSupreme Court of the United States · 1920
- Higgins v. SmithSupreme Court of the United States · 1940
- Helvering v. San Joaquin Fruit & Investment Co.Supreme Court of the United States · 1936
3Cited by11 opinions
- Stephen F. Heringer, Mabel H. Heringer, John F. Heringer, and Alta G. Heringer v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1956
- Diebold v. Commissioner of Internal RevenueCourt of Appeals for the Third Circuit · 1952
- Gregory v. State of CaliforniaCalifornia Court of Appeal · 1946
- Sheraton Plaza Co. v. CommissionerUnited States Tax Court · 1963
- Estate of Bob v. CommissionerUnited States Tax Court · 1943
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