Legal Opinion
Elward v. United States
District Court, N.D. Illinois
Decided September 30, 1976No. 73 C 3240Published
1Opinion of the Court
MEMORANDUM DECISION
MARSHALL, District Judge.
This is an action brought by plaintiff, Joseph F. Elward, against defendant, United States of America, for the recovery of federal income taxes paid by plaintiff for the year 1966. No question is raised as to plaintiff’s right to maintain the action and jurisdiction is not disputed. The center of the controversy is the proper cost basis of common stock in Chicago and West Towns Railways, Inc. which plaintiff received in 1954 pursuant to a reorganization and which he sold in 1966.
Plaintiff was a bond holder in West Towns, acquiring his holdings over…
2Cases cited5 opinions
- United Mercantile Agencies, Inc. v. CommissionerUnited States Tax Court · 1955
- F. W. Drybrough v. Commissioner of Internal Revenue, L. N. Simpson v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 1956
- Hamilton & Main, Inc. v. CommissionerUnited States Tax Court · 1956
- Madison Fund, Inc. v. CommissionerUnited States Tax Court · 1964
- Madison Fund, Inc. (Formerly the Pennroad Corporation) v. Commissioner of Internal Revenue (Two Cases)Court of Appeals for the Third Circuit · 1966