Kuchman v. Commissioner
United States Tax Court
Stock in the corporation employing petitioner and issued to him under an agreement restricting its use and sale held to have had no fair market value when acquired capable of being ascertained with reasonable certainty so as to justify charging petitioner with income at the time of issuance.
1Opinion of the Court
OPINION.
Opper, Judge:
Respondent’s opinion witnesses and petitioner on brief agree that a purchaser could not be found for the stock in question with its contractual restrictions. Although respondent now seeks to rely on the testimony of one of petitioner’s opinion witnesses, this evidence on analysis is obviously a valuation of the stock, not from the standpoint of a purchaser from petitioner, but as of the time and under the circumstances that the underwriters distributed it. Since fair market value is defined as the price at which the property to be valued with all its attributes would…
2Cases cited9 opinions
- Helvering v. Tex-Penn Oil Co.Supreme Court of the United States · 1937
- Commissioner v. SmithSupreme Court of the United States · 1945
- Heiner v. CrosbyCourt of Appeals for the Third Circuit · 1928
- Schuh Trading Co. v. Commissioner of Internal RevenueCourt of Appeals for the Seventh Circuit · 1938
- Lehman v. CommissionerUnited States Tax Court · 1951
4 more not listed; retrieve them via the Exa API.
3Cited by3 opinions
- Gresham v. CommissionerUnited States Tax Court · 1982
- Gresham v. CommissionerUnited States Tax Court · 1982
- Kuchman v. CommissionerUnited States Tax Court · 1952