Funsten v. Commissioner
United States Board of Tax Appeals
Petitioner made two casual sales of stock in the taxable year, the total consideration in each case being a promissory note payable on or before five years from date. In each case a payment of an amount less than 30 percent of the purchase price was made on the note in the year of sale.
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Petitioner made two casual sales of stock in the taxable year, the total consideration in each case being a promissory note payable on or before five years from date. In each case a payment of an amount less than 30 percent of the purchase price was made on the note in the year of sale. Held, that the payment made in each case was an "initial payment" under section 44(b) of the Revenue Act of 1936, and petitioner is entitled to return on the installment basis the gain realized in each transaction.
1Opinion of the Court
E. M. FUNSTEN, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Funsten v. Commissioner
Docket No. 102068.
United States Board of Tax Appeals
44 B.T.A. 1166; 1941 BTA LEXIS 1221;
August 5, 1941, Promulgated
Petitioner made two casual sales of stock in the taxable year, the total consideration in each case being a promissory note payable on or before five years from date. In each case a payment of an amount less than 30 percent of the purchase price was made on the note in the year of sale. Held, that the payment made in each case was an "initial payment" under section 44(b) of the…
2Cases cited6 opinions
- Wagegro Corp. v. CommissionerUnited States Board of Tax Appeals · 1938
- Prendergast v. CommissionerUnited States Board of Tax Appeals · 1931
- Walnut Realty Trust v. CommissionerUnited States Board of Tax Appeals · 1931
- Funsten v. CommissionerUnited States Board of Tax Appeals · 1941
- James McCutcheon & Co. v. CommissionerUnited States Board of Tax Appeals · 1934
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