Meyer v. Commissioner
United States Board of Tax Appeals
Held that the fair market value of the stock involved in this proceeding on March 1, 1913, was the equivalent of the book value on that date; that the sale of such stock for part cash and the balance in notes was a completed transaction in 1923, the notes received being the equivalent of cash and that the record does not support the petitioner's contention that the taxpayer made a gift to his nephews in 1923 of three notes which were surrendered to them in a later year.
1Opinion of the Court
OPINION.
Black :
In this proceeding S. L. Meyer, executor of the estate of H. T. Meyer, deceased, seeks a redetermination of the decedent’s income-tax liability for the calendar year 1923, for which year the respondent has proposed a deficiency in the amount of $1,693.41.
During the year 1923 the decedent sold a one-half interest in the Louisiana Paper Company, which he had owned from the time of its organization in 1903, for $50,000. The decedent made his income-tax return for the calendar year 1923 on the cash receipts and disbursements basis and in reporting the profit on the same used a…
2Cited by4 opinions
- Koch v. CommissionerUnited States Board of Tax Appeals · 1933
- C. W. Titus, Inc. v. CommissionerUnited States Board of Tax Appeals · 1936
- J. W. Perry v. CommissionerUnited States Tax Court · 1945
- Meyer v. CommissionerUnited States Board of Tax Appeals · 1931