Malkan v. Comm'r
United States Tax Court
1. Held, shares of corporate stock were sold by petitioner rather than trusts of which he was the settlor-trustee, where he and the purchasers had agreed upon all the terms of the sale prior to the creation of the trusts and he participated in the closing in his individual capacity. 2. Held, further, for the purpose of determining the basis of the shares sold, petitioner's assignment of 16,000 GTC shares under an escrow agreement, executed prior to the closing of the sale,…
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1. Held, shares of corporate stock were sold by petitioner rather than trusts of which he was the settlor-trustee, where he and the purchasers had agreed upon all the terms of the sale prior to the creation of the trusts and he participated in the closing in his individual capacity. 2. Held, further, for the purpose of determining the basis of the shares sold, petitioner's assignment of 16,000 GTC shares under an escrow agreement, executed prior to the closing of the sale, constituted the first transfer under the "first-in, first-out" rule of sec. 1.1012-1(c), Income Tax Regs.
1Opinion of the Court
Arnold Malkan and Audrey Malkan, Petitioners v. Commissioner of Internal Revenue, Respondent
Malkan v. Comm'r
Docket No. 4788-66
United States Tax Court
54 T.C. 1305; 1970 U.S. Tax Ct. LEXIS 114;
June 17, 1970, Filed
Decision will be entered under Rule 50.
1. Held, shares of corporate stock were sold by petitioner rather than trusts of which he was the settlor-trustee, where he and the purchasers had agreed upon all the terms of the sale prior to the creation of the trusts and he participated in the closing in his individual capacity.
2. Held, further, for the purpose of determining the basis of the…
2Cases cited21 opinions
- Commissioner v. Court Holding Co.Supreme Court of the United States · 1945
- United States v. Cumberland Public Service Co.Supreme Court of the United States · 1950
- Minnesota Tea Co. v. HelveringSupreme Court of the United States · 1938
- Kimbell-Diamond Milling Co. v. Comm'rUnited States Tax Court · 1950
- Kimbell-Diamond Milling Co. v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1951
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