Greene v. Commissioner
United States Board of Tax Appeals
1. A trustee, holding common stock for investment purposes, exchanged it for Federal, State, municipal and railway bonds, which he thereafter held for the same use and purposes as the stock. Held, there was an exchange of property for property of a "like kind or use," within section 202(c)(1), Act 1921, and no gain could be recognized.
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1. A trustee, holding common stock for investment purposes, exchanged it for Federal, State, municipal and railway bonds, which he thereafter held for the same use and purposes as the stock. Held, there was an exchange of property for property of a "like kind or use," within section 202(c)(1), Act 1921, and no gain could be recognized. Margaret M. Edson,11 B.T.A. 621, overruled, in part. 2. The words "or use," as used in that section, are to be construed as applying to property held for investment as well as property held for productive use in trade or business. 3. Regulations 62, article…
1Opinion of the Court
RICHARD T. GREENE AND LAWYERS TRUST CO., TRUSTEES OF THE ESTATE OF WILLIAM HALL WALKER, PETITIONERS, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Greene v. Commissioner
Docket No. 23973.
United States Board of Tax Appeals
15 B.T.A. 401; 1929 BTA LEXIS 2858;
February 14, 1929, Promulgated
1. A trustee, holding common stock for investment purposes, exchanged it for Federal, State, municipal and railway bonds, which he thereafter held for the same use and purposes as the stock. Held, there was an exchange of property for property of a "like kind or use," within section 202(c)(1), Act 1921, and no…
2Cases cited9 opinions
- Morrill v. JonesSupreme Court of the United States · 1883
- Peoria & Pekin Union Railway Co. v. United StatesSupreme Court of the United States · 1924
- Iowa v. McFarlandSupreme Court of the United States · 1884
- Schell's Executors v. FauchéSupreme Court of the United States · 1891
- Edson v. CommissionerUnited States Board of Tax Appeals · 1928
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