Legal Opinion

McFeely v. Commissioner

United States Board of Tax Appeals

Decided February 2, 1934No. Docket No. 69492PublishedCited by 2 opinions

On August 1, 1925, the petitioner was given by her mother a 10 percent interest in her share in the estate of T. H. Given, in process of administration. At that time the estate had on hand a large amount of securities and more than enough cash to pay its known or probable liabilities. The distributees had agreed to receive their shares in kind, which agreement was of record in court proceedings.

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On August 1, 1925, the petitioner was given by her mother a 10 percent interest in her share in the estate of T. H. Given, in process of administration. At that time the estate had on hand a large amount of securities and more than enough cash to pay its known or probable liabilities. The distributees had agreed to receive their shares in kind, which agreement was of record in court proceedings. On November 3, 1927, there were distributed to the petitioner 1,000 shares of Radio "A" common stock which the petitioner sold on March 14, 1929, at a large profit. In her return for 1929 she reported…

1Opinion of the Court

*1003OPINION.

Smith:

The question presented by this proceeding is the amount of taxable profit realized by the petitioner from the sale of 1,000 shares of Radio “A” common stock on March 14, 1929, for the sum of $484,460, and whether the profit realized was a capital net gain or ordinary net income. The petitioner contends that, whatever the amount of the profit, it was a capital net gain within the meaning of the statute, and the respondent contends that it was ordinary net profit and not taxable under the capital net gain provisions of the statute. The contentions of the respondent are set forth…

2Cases cited3 opinions

  1. Anderson v. WilsonSupreme Court of the United States · 1933
  2. Harbison v. CommissionerUnited States Board of Tax Appeals · 1932
  3. Greiner's AppealSupreme Court of Pennsylvania · 1883

3Cited by2 opinions

  1. Dibblee v. CommissionerUnited States Board of Tax Appeals · 1934
  2. McFeely v. CommissionerUnited States Board of Tax Appeals · 1934

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