Fisher v. Commissioner
United States Board of Tax Appeals
1. A transaction purporting to be a sale of stock with an option to buy back held, under all the circumstances, not to be a loan but a sale, the gain being taxable. 2. Loss on similar sales held not deductible because of option to repurchase. 3. Basis for percentage limitation of deduction for charitable contributions held to include capital gain. 4. Negligent omission of items from income not relieved from statutory penalty even though return was prepared by taxpayer's…
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1. A transaction purporting to be a sale of stock with an option to buy back held, under all the circumstances, not to be a loan but a sale, the gain being taxable. 2. Loss on similar sales held not deductible because of option to repurchase. 3. Basis for percentage limitation of deduction for charitable contributions held to include capital gain. 4. Negligent omission of items from income not relieved from statutory penalty even though return was prepared by taxpayer's secretary and executed by taxpayer without detailed examination.
1Opinion of the Court
IRVING FISHER, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Fisher v. Commissioner
Docket No. 61622.
United States Board of Tax Appeals
30 B.T.A. 433; 1934 BTA LEXIS 1322;
April 20, 1934, Promulgated
1. A transaction purporting to be a sale of stock with an option to buy back held, under all the circumstances, not to be a loan but a sale, the gain being taxable.
2. Loss on similar sales held not deductible because of option to repurchase.
3. Basis for percentage limitation of deduction for charitable contributions held to include capital gain.
4. Negligent omission of items from income…
2Cases cited1 opinion
- Fisher v. CommissionerUnited States Board of Tax Appeals · 1934