Graeper v. Commissioner
United States Board of Tax Appeals
1. Petitioner and his wife, living in Oregon, owned a business as equal partners. Later the business was incorporated, three other persons acquiring stock. No stock was issued to petitioner's wife, the shares representing her interest being held by the husband in his own name, at her request. She did not transfer her interest to him.
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1. Petitioner and his wife, living in Oregon, owned a business as equal partners. Later the business was incorporated, three other persons acquiring stock. No stock was issued to petitioner's wife, the shares representing her interest being held by the husband in his own name, at her request. She did not transfer her interest to him. Held, the petitioner owned only one-half the stock issued in his name and is taxable upon only one-half the profits from its sale. 2. Petitioner and his wife each owned one-half interest in certain corporate stock, but most of the stock stood in petitioner's…
1Opinion of the Court
*634OPINION.
Maequette :
The respondent has charged the petitioner with having received, as owner, the entire amount of the sale price of the *635Union Avenue Theatre Company’s stock. We think the evidence does not justify that determination. It was not essential that petitioner’s wife should have a stock certificate in her own name in order to own an interest in the stock. The reason for having the certificate covering her interest issued to petitioner has been explained. Under the laws of Oregon the separate property of a wife remains hers until she, by her own consent, parts with it. Brummet v.…
2Cases cited4 opinions
- Smith v. MooreCourt of Appeals for the Ninth Circuit · 1912
- Velten v. CarmackOregon Supreme Court · 1892
- Whiteaker v. HaleyOregon Supreme Court · 1865
- Thompson v. Railroad CommissionDistrict Court, E.D. Louisiana · 1912
3Cited by3 opinions
- Fidelity Union Trust Co. v. McGrawNew Jersey Court of Chancery · 1946
- Graeper v. CommissionerUnited States Board of Tax Appeals · 1933
- Kinnear v. CommissionerUnited States Board of Tax Appeals · 1937