Legal Opinion
Toye v. United States
District Court, E.D. Louisiana
Decided November 22, 1957No. Civ. A. 5942PublishedCited by 8 opinions
1Opinion of the Court
J. SKELLY WRIGHT, District Judge.
This case presents the question whether income received from liquidation of a frozen bank deposit in the hands of a transferee is subject to capital gains treatment under Section 117(f) 1 of the Revenue Act of 1934.
In September, 1947, the taxpayer purchased a frozen bank deposit in the Hibernia Bank and Trust Company in Liquidation. To consummate the sale, it was necessary under the bank rules for the original depositor and transferor to execute a form letter before two witnesses, addressed to the bank authorizing the transfer on its books. The letter was also…
2Cases cited6 opinions
- Fairbanks v. United StatesSupreme Court of the United States · 1939
- McClain v. CommissionerSupreme Court of the United States · 1941
- Watson v. CommissionerUnited States Board of Tax Appeals · 1932
- Gerard v. HelveringCourt of Appeals for the Second Circuit · 1941
- Rieger v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 1943
1 more not listed; retrieve them via the Exa API.
3Cited by8 opinions
- Graham v. CommissionerUnited States Tax Court · 1961
- Jamison v. United StatesDistrict Court, N.D. California · 1968
- Greenvine Corp. v. CommissionerUnited States Tax Court · 1963
- Wilson v. CommissionerUnited States Tax Court · 1969
- Lowndes v. United StatesDistrict Court, D. Maryland · 1966
3 more not listed; retrieve them via the Exa API.