Holmes v. Commissioner
United States Tax Court
The owner of some shares in a building and loan association gave the shares, together with certain credited accumulated dividends thereon, to her son and daughter 15 days prior to the maturity date of the shares. This date occurred in the same taxable year that the gift was made and the donees collected the accumulated dividends in that year. Held, the donor is taxable on so much of the dividends as had been credited to the shares prior to the time of the gift.
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The owner of some shares in a building and loan association gave the shares, together with certain credited accumulated dividends thereon, to her son and daughter 15 days prior to the maturity date of the shares. This date occurred in the same taxable year that the gift was made and the donees collected the accumulated dividends in that year. Held, the donor is taxable on so much of the dividends as had been credited to the shares prior to the time of the gift. Helvering v. Horst, 311 U.S. 112.
1Opinion of the Court
OPINION.
Black, Judge:
The Commissioner has determined a deficiency in petitioner’s income tax for the year 1937 of $441.15. The deficiency is due to the addition of $7,316 dividends to the income reported on petitioner’s income tax return. This adjustment is explained in the deficiency notice as follows:(a) It is held that the sum of $7,316.00 representing dividends derived on the shares of Pioneer Building and Loan Company constituted income to the decedent under the provisions of Section 22 (a) of the Revenue Act of 1936.
Petitioner contests this determination of the Commissioner by an…
2Cases cited1 opinion
- Helvering v. HorstSupreme Court of the United States · 1940
3Cited by23 opinions
- Newman v. CommissionerUnited States Tax Court · 1943
- S. C. Johnson & Son, Inc. v. CommissionerUnited States Tax Court · 1975
- Cold Metal Process Co. v. CommissionerCourt of Appeals for the Sixth Circuit · 1957
- Friedman v. CommissionerUnited States Tax Court · 1963
- Anton v. CommissionerUnited States Tax Court · 1960
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