Fowler v. Commissioner
United States Board of Tax Appeals
1. Evidence held insufficient to establish gifts by the taxpayer of interests in a joint venture. 2. Claimed loss on sale of stock disallowed in view of lack of evidence to show sales price. 3. Commissioner's application of provisions of section 211(b) of Revenue Act of 1918 approved. Appeal of M. Fowler,1 B.T.A. 1212; Fowler v. United States, 11 Fed. (2d) 895; 16 Fed.
Read the full summary
1. Evidence held insufficient to establish gifts by the taxpayer of interests in a joint venture. 2. Claimed loss on sale of stock disallowed in view of lack of evidence to show sales price. 3. Commissioner's application of provisions of section 211(b) of Revenue Act of 1918 approved. Appeal of M. Fowler,1 B.T.A. 1212; Fowler v. United States, 11 Fed. (2d) 895; 16 Fed. (2d) 925. 4. The evidence does not sustain the allegations of the Commissioner in his answer that the deficiency should be increased over the amount of which he notified the taxpayer in the sixty-day statutory notice.
1Opinion of the Court
*252OPINION.
ARTjndell:
The principal question involved in this appeal is the amount of the interest owned by the taxpayer in the unincorporated enterprise known as the Fowler Farm Oil Co. at the time of the organization of a corporation of the same name which issued its stock for interests of the individuals in the enterprise. The taxpayer originally subscribed $1,000 to the enterprise, while in the list of subscribers for the corporate stock his subscription is given as $950. A revenue agent’s report in evidence shows the taxpayer as entitled to 110 shares of stock of a total par value of $1,100.…
2Cases cited4 opinions
- Basket v. HassellSupreme Court of the United States · 1883
- Allen-West Commission Co. v. GrumblesCourt of Appeals for the Eighth Circuit · 1904
- Bowen v. KutznerCourt of Appeals for the Fourth Circuit · 1908
- Mahan v. PlankCourt of Appeals for the Seventh Circuit · 1923
3Cited by7 opinions
- Security First Nat'l Bank v. CommissionerUnited States Board of Tax Appeals · 1933
- North American Coal Corp. v. CommissionerUnited States Board of Tax Appeals · 1933
- Estate of Bradley v. CommissionerUnited States Tax Court · 1997
- Fowler v. CommissionerUnited States Board of Tax Appeals · 1927
- Imbesi v. CommissionerUnited States Tax Court · 1981
2 more not listed; retrieve them via the Exa API.