Kuehner v. Commissioner
United States Tax Court
Capital Gain -- Time of Receipt. -- The petitioner owned 50 shares of stock. On August 6, 1947, the petitioner entered into an arrangement with a trust company and a purchaser of the stock pursuant to which the petitioner transferred the stock to the trust company for delivery to the purchaser in years subsequent to 1947. When the arrangement was made the purchaser delivered the full purchase price to the trust company for the benefit of the petitioner to be paid as cash in…
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Capital Gain -- Time of Receipt. -- The petitioner owned 50 shares of stock. On August 6, 1947, the petitioner entered into an arrangement with a trust company and a purchaser of the stock pursuant to which the petitioner transferred the stock to the trust company for delivery to the purchaser in years subsequent to 1947. When the arrangement was made the purchaser delivered the full purchase price to the trust company for the benefit of the petitioner to be paid as cash in hand as the stock was delivered. 1. Held, the petitioner received the equivalent of $ 65,000 in 1947 and was taxable in…
1Opinion of the Court
OPINION.
Tietjens, Judge:
The Commissioner determined a deficiency of $13,808.75 in income tax for 1947. By amended answer the Commissioner has requested an increased deficiency resulting from adding to the petitioner’s reported income, long-term capital gain of $29,034.59 rather than $27,500 as set out in the deficiency notice.
In his original determination the Commissioner added rental receipts of $99.75 to the petitioner’s income for 1947. This addition is not contested and can be reflected in a Bule 50 computation.
Two questions are presented for decision: (1) Did the petitioner realize…
2Cases cited3 opinions
- Johnston v. CommissionerUnited States Tax Court · 1950
- Sproull v. CommissionerUnited States Tax Court · 1951
- Kahler v. Comm'rUnited States Tax Court · 1952
3Cited by15 opinions
- H. O. Williams and Mrs. Ada L. Williams v. United StatesCourt of Appeals for the Fifth Circuit · 1955
- Lowe v. CommissionerUnited States Tax Court · 1965
- Aldridge v. CommissionerUnited States Tax Court · 1968
- Kuehner v. Commissioner of Internal RevenueCourt of Appeals for the First Circuit · 1954
- Stiles v. CommissionerUnited States Tax Court · 1978
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