Insull v. Commissioner
United States Board of Tax Appeals
1. In computing the deduction allowable for charitable contributions made during the years 1929 and 1930 the taxpayers' net incomes are inclusive of capital gains. Helvering v. Bliss,293 U.S. 144. 2. In 1929 the petitioners exchanged certain securities for shares of stock of Insull Utility Investments, Inc., and immediately after the transfer were in control of the corporation.
Read the full summary
1. In computing the deduction allowable for charitable contributions made during the years 1929 and 1930 the taxpayers' net incomes are inclusive of capital gains. Helvering v. Bliss,293 U.S. 144. 2. In 1929 the petitioners exchanged certain securities for shares of stock of Insull Utility Investments, Inc., and immediately after the transfer were in control of the corporation. Held, that the exchange of securities for shares of stock of Insull Utility Investments, Inc., constituted a nontaxable exchange. 3. At the time of the exchange above referred to the petitioners received rights to…
1Opinion of the Court
opinion.
Smith:
These proceedings, consolidated for hearing, involve income tax deficiencies as follows:
[[Image here]]
*48The petitions filed for the year 1929 raise but one issue and that is whether capital net gains realized by each of the petitioners should be excluded from net income in computing the 15 percent deduction allowable for charitable contributions under section 23 (n) of the Revenue Act of 1928.
For the year 1930, the question of the treatment of capital net gains in computing the deduction for charitable contributions is raised in the appeals of Samuel Insull and Samuel Insull, Jr.…
2Cases cited3 opinions
- Helvering v. New York Trust Co.Supreme Court of the United States · 1934
- Helvering v. BlissSupreme Court of the United States · 1934
- Miles v. Safe Deposit & Trust Co. of BaltimoreSupreme Court of the United States · 1922
3Cited by6 opinions
- Morgan Mfg. Co. v. Commissioner of Internal RevenueCourt of Appeals for the Fourth Circuit · 1941
- Harder v. CommissionerUnited States Tax Court · 1958
- Hazeltine Corp. v. CommissionerUnited States Board of Tax Appeals · 1935
- Insull v. CommissionerUnited States Board of Tax Appeals · 1935
- Rogers v. CommissionerUnited States Board of Tax Appeals · 1935
1 more not listed; retrieve them via the Exa API.