Smith v. Commissioner
United States Board of Tax Appeals
1. Sales of stock by the petitioner to his wife, effected by delivery of a bill of sale, endorsement of the stock certificates, and transfer of the record ownership to the wife and paid for at market prices by cancellation of a long-standing debt due the wife, principally for cash loaned to the petitioner, held, effective to entitle the petitioner to deductions for losses sustained, even though admittedly made for the purpose of realizing losses for tax purposes. 2. The…
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1. Sales of stock by the petitioner to his wife, effected by delivery of a bill of sale, endorsement of the stock certificates, and transfer of the record ownership to the wife and paid for at market prices by cancellation of a long-standing debt due the wife, principally for cash loaned to the petitioner, held, effective to entitle the petitioner to deductions for losses sustained, even though admittedly made for the purpose of realizing losses for tax purposes. 2. The petitioner sold and transferred certain stocks to a wholly owned corporation. Held, that the corporate entity may not be…
1Dissent
HaeRON,
dissenting: I dissent from,the conclusions that petitioner is not taxable upon the dividends in question; that bona fide sales of stock were made to the Innisfail Corporation resulting in deductible losses; that none of the deficiency is due to fraud with intent to evade tax. Having heard this case, I am convinced that the evidence supports findings of fact other than many that are made and supports conclusions opposite to those reached. Further, I believe that neither conclusions reached nor dicta of the court expressed in the case of Smith v. Higgins, 102 Fed. (2d) 456 (C. C. A., 2d…
2Cases cited18 opinions
- Gregory v. HelveringSupreme Court of the United States · 1935
- Lucas v. EarlSupreme Court of the United States · 1930
- Corliss v. BowersSupreme Court of the United States · 1930
- United States v. MurdockSupreme Court of the United States · 1934
- United States v. PhellisSupreme Court of the United States · 1921
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