Gilbert v. Commissioner
United States Board of Tax Appeals
Certain stocks held to be "capital assets" within the meaning of sections 206 and 208 of the Revenue Acts of 1921 and 1924, respectively.
1Opinion of the Court
*768OPINION.
MoeRis :
“ Capital assets ” are defined by the Revenue Act of 1921 as follows:
Sec. 206. (a) That for the purpose of this title:
* * * * * * *(6) The term “capital assets” as used in this section means property acquired and held by the taxpayer for profit or investment for more than two years (whether or not connected with his trade or business), but does not include property held for the personal use or consumption of the taxpayer or his family, or stock in trade of the taxpayer or other property of a kind which would properly be included in the inventory of the taxpayer if on hand at…
2Cited by5 opinions
- Carroll v. CommissionerUnited States Board of Tax Appeals · 1930
- Loughborough Dev. Corp. v. CommissionerUnited States Board of Tax Appeals · 1933
- Hamill v. CommissionerUnited States Board of Tax Appeals · 1934
- Wallace v. United StatesDistrict Court, W.D. New York · 1943
- Gilbert v. CommissionerUnited States Board of Tax Appeals · 1930