McKinney v. Commissioner
United States Tax Court
Held: A transfer of appreciated stock by petitioner to his wife pursuant to a property settlement agreement incident to a divorce under West Virginia law constitutes a taxable event resulting in realization of a capital gain by petitioner. In addition, petitioner is taxable on other gains and is entitled to deductions for losses on the other transfers of property pursuant to the property settlement agreement and the divorce decree.
1Opinion of the Court
OPINION
Goffe, Judge:
The Commissioner determined deficiencies in petitioner’s Federal income tax as follows:
Taxable year Deficiency
1969_ $25,243.58
1970_•_ 3,447.25
Due to concessions, the sole issue is whether petitioner realized taxable gain on the transfer of appreciated stock to his former wife pursuant to a property settlement agreement subsequently approved in a divorce decree. All of the facts are stipulated and are so found.
At the time the petition was filed, and at all times pertinent, petitioner Worthy W. McKinney resided at Professional Park, Beckley, W.Va. Petitioner erroneously…
2Cases cited4 opinions
- United States v. DavisSupreme Court of the United States · 1962
- Commissioner v. ConnellySupreme Court of the United States · 1949
- George F. Collins, Jr. v. Commissioner of Internal RevenueCourt of Appeals for the Tenth Circuit · 1969
- Collins v. CommissionerUnited States Tax Court · 1966
3Cited by11 opinions
- Siewert v. CommissionerUnited States Tax Court · 1979
- Godlewski v. CommissionerUnited States Tax Court · 1988
- Cook v. CommissionerUnited States Tax Court · 1983
- McIntosh v. CommissionerUnited States Tax Court · 1985
- Carson v. CommissionerUnited States Tax Court · 1978
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