Davis v. Commissioner
United States Tax Court
The Securities and Exchange Commission determined that the petitioner, who was an officer and director of the corporation in whose stock he was dealing, had violated section 16 (b) of the Securities Exchange Act of 1934 through the sale of 1,000 shares of the company's stock and the repurchase of 1,000 shares at a lower price less than 6 months later.
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The Securities and Exchange Commission determined that the petitioner, who was an officer and director of the corporation in whose stock he was dealing, had violated section 16 (b) of the Securities Exchange Act of 1934 through the sale of 1,000 shares of the company's stock and the repurchase of 1,000 shares at a lower price less than 6 months later. Pursuant to the sanction imposed by section 16 (b), the petitioner paid to the corporation the difference between the amount which he realized from the sale and the cost to him of the shares subsequently purchased. Held, the sanction imposed by…
1Opinion of the Court
William F. Davis, Jr., Petitioner, v. Commissioner of Internal Revenue, Respondent
Davis v. Commissioner
Docket No. 22322
United States Tax Court
17 T.C. 549; 1951 U.S. Tax Ct. LEXIS 78;
September 28, 1951, Promulgated
Decision will be entered for the respondent.
The Securities and Exchange Commission determined that the petitioner, who was an officer and director of the corporation in whose stock he was dealing, had violated section 16 (b) of the Securities Exchange Act of 1934 through the sale of 1,000 shares of the company's stock and the repurchase of 1,000 shares at a lower price less than 6…
Also in this document: Dissent · Murdock; Dissent · Tietjens.
2Cases cited25 opinions
- Securities & Exchange Commission v. Chenery Corp.Supreme Court of the United States · 1943
- Commissioner v. HeiningerSupreme Court of the United States · 1943
- Huntington v. AttrillSupreme Court of the United States · 1892
- United States v. La FrancaSupreme Court of the United States · 1931
- Smolowe v. Delendo CorporationCourt of Appeals for the Second Circuit · 1943
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