Stevens v. Commissioner
United States Board of Tax Appeals
1. Where the petitioner sold stock in 1919 for $30,000, receiving $10,000 cash in that year and 2 notes for $10,000 each, which were due and paid in 1920, held that any amount of gain that may have been realized from the transaction was not derived in 1920. 2. There having been no tax liability resulting from the transaction, petitioner is not guilty of having filed a false and fraudulent return with intent to evade the tax. 3. Collection of tax for the year 1920 held barred…
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1. Where the petitioner sold stock in 1919 for $30,000, receiving $10,000 cash in that year and 2 notes for $10,000 each, which were due and paid in 1920, held that any amount of gain that may have been realized from the transaction was not derived in 1920. 2. There having been no tax liability resulting from the transaction, petitioner is not guilty of having filed a false and fraudulent return with intent to evade the tax. 3. Collection of tax for the year 1920 held barred by the statute of limitations.
1Opinion of the Court
*1121OPINION.
Siefein :
The petitioner alleges error of the respondent in including in its taxable income for the year 1920, the amount of $25,000 as a profit earned in 1920 from the sale of an interest in the Georgia Yeneer & Lumber Co., whereas the petitioner alleges this *1122transaction occurred in August, 1919. The petitioner also alleged that assessment and collection of the tax are barred by the statute of limitations. The respondent in his answer alleges that the petitioner wilfully filed a false and fraudulent income-tax return for 1920 with attempt to evade the tax in not reporting the profit…
2Cited by6 opinions
- United States v. Gordon C. Borchardt, Charles Oran MensikCourt of Appeals for the Seventh Circuit · 1972
- Elfmon v. United StatesCourt of Appeals for the Fourth Circuit · 1954
- Edward R. Bacon Co. v. CommissionerUnited States Tax Court · 1945
- Alameda Park Co. v. CommissionerUnited States Board of Tax Appeals · 1932
- Dortch v. CommissionerUnited States Board of Tax Appeals · 1930
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