New York Trust Co. v. Commissioner
United States Board of Tax Appeals
1. Under the circumstances herein, held that petitioner has not shown that certain stock was not acquired by gift after December 31, 1920, within the meaning of section 202(a)(2) of the Revenue Act of 1921. The basis to be used in determining gain or loss upon the sale thereof by the trustee is the cost of such stock to the grantor. 2. Section 202(a)(2) of the Revenue Act of 1921 is constitutional.
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1. Under the circumstances herein, held that petitioner has not shown that certain stock was not acquired by gift after December 31, 1920, within the meaning of section 202(a)(2) of the Revenue Act of 1921. The basis to be used in determining gain or loss upon the sale thereof by the trustee is the cost of such stock to the grantor. 2. Section 202(a)(2) of the Revenue Act of 1921 is constitutional. Taft v. Bowers,278 U.S. 470. 3. Held, petitioner is not entitled to have its tax computed under section 206 of the Revenue Act of 1921, since the property was not held for more than two years.
1Opinion of the Court
THE NEW YORK TRUST COMPANY, AS TRUSTEE UNDER TRUST INDENTURE, DATED DECEMBER 24, 1921, BY AND BETWEEN CONRAD HENRY MATTHIESSEN AND SAID THE NEW YORK TRUST COMPANY, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
New York Trust Co. v. Commissioner
Docket No. 28250.
United States Board of Tax Appeals
27 B.T.A. 1127; 1933 BTA LEXIS 1240;
April 10, 1933, Promulgated
1. Under the circumstances herein, held that petitioner has not shown that certain stock was not acquired by gift after December 31, 1920, within the meaning of section 202(a)(2) of the Revenue Act of 1921. The basis to be used…
2Cases cited9 opinions
- Burnet v. GuggenheimSupreme Court of the United States · 1933
- Taft v. BowersSupreme Court of the United States · 1929
- Cooper v. United StatesSupreme Court of the United States · 1930
- Bankers Trust Co. v. CommissionerUnited States Board of Tax Appeals · 1931
- McKinney v. CommissionerUnited States Board of Tax Appeals · 1929
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