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
*266OPINION.
Harron :
The petitioner claims that the securities he received from the Richard Ettinger partnership were gifts to him and he has reported a claimed loss under the provisions of section 113 (a) (2) of the Revenue Act of 1928. If the petitioner received these securities as gifts he is entitled to the loss. The respondent contends that the petitioner received the securities by purchase and not as gifts.
Richard Ettinger has testified as follows:
I told Virgil that I wanted to do something for him because I had done things for other members of the family and I said that I wanted to give-…
2Cited by3 opinions
- Trottman v. CommissionerUnited States Tax Court · 1944
- Coulter v. CommissionerUnited States Tax Court · 1950
- Ettinger v. CommissionerUnited States Board of Tax Appeals · 1937