Merrell v. Commissioner
United States Board of Tax Appeals
The petitioner and his two brothers were executors of the estate of their father, who died in 1909, and were also trustees and beneficiaries of a trust created by the will of their father. In 1919 they caused to be transferred to themselves as individuals the corporate stock comprising the corpus of the trust. Held, that the basis for gain or loss to the petitioner on the subsequent sale of his portion of the stock is the March 1, 1913, value thereof.
1Opinion of the Court
OPINION.
Arundell :
On November 29, 1935, a division report in this proceeding was promulgated and is reported at 33 B. T. A. 625. Thereafter by orders of the Chairman the division report was reviewed by the Board and the decision entered was vacated.
The proceeding involves a deficiency in income tax for 1930 in the amount of $5,099.83. It was submitted on a stipulation of facts, without appearances.
The petition alleges error in the respondent’s determination of “excessive profit attributed to sales of Borden stock.” It appears that in the taxable year the petitioner sold 1,000.16 shares of…
2Cases cited3 opinions
- Woodward v. . JamesNew York Court of Appeals · 1889
- Greene v. . GreeneNew York Court of Appeals · 1891
- In re Proving the Last Will & Testament of FarmerNew York Surrogate's Court · 1917
3Cited by1 opinion
- Merrell v. CommissionerUnited States Board of Tax Appeals · 1936