Ettinger v. Commissioner
United States Board of Tax Appeals
The petitioner paid almost the full current market price of securities transferred to him by a brother's partnership. Held, the petitioner bought the stock and did not receive it by gift. Section 113(a)(2) of the Revenue Act of 1928 is not applicable in determining the gain or loss from the transaction. Also, the basis to the petitioner is the cost to him and he realized net gain and is taxable thereon.
1Opinion of the Court
VIRGIL P. ETTINGER, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Ettinger v. Commissioner
Docket No. 76248.
United States Board of Tax Appeals
36 B.T.A. 264; 1937 BTA LEXIS 745;
June 30, 1937, Promulgated
The petitioner paid almost the full current market price of securities transferred to him by a brother's partnership. Held, the petitioner bought the stock and did not receive it by gift. Section 113(a)(2) of the Revenue Act of 1928 is not applicable in determining the gain or loss from the transaction. Also, the basis to the petitioner is the cost to him and he realized net gain…
2Cases cited1 opinion
- Ettinger v. CommissionerUnited States Board of Tax Appeals · 1937