Poczatek v. Commissioner
United States Tax Court
Petitioner executed a promissory note against which she pledged corporate stock which she owned and she executed stock powers for the stock pledged. She gave most of the proceeds of the loan to her husband who acquired a building in his name only. Each time when the note became due, petitioner's husband, without her knowledge, forged her name to the renewal notes.
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Petitioner executed a promissory note against which she pledged corporate stock which she owned and she executed stock powers for the stock pledged. She gave most of the proceeds of the loan to her husband who acquired a building in his name only. Each time when the note became due, petitioner's husband, without her knowledge, forged her name to the renewal notes. Petitioner's husband, also without petitioner's knowledge, added his name as comaker to renewal notes; increased the amount of the loan; and, in 1968, forged her name to a sell order authorizing the bank to sell part of the stock…
1Opinion of the Court
Goffe, Judge:
The Commissioner determined deficiencies in petitioner’s Federal income tax as follows:
Addition to tax
Year Deficiency sec. 6651(a)1
1965 . $120.00
1966. 141.81 $141.53
1967. 460.24
1968. 3,168.20
Due to concessions, the only issue for our decision is whether Regina A. Poczatek is taxable on the gain resulting from the sale of her stock during 1968 by United States Trust Co. when the proceeds of the sale were applied against a loan made by petitioner.
FINDINGS OF FACT
Some of the facts have been stipulated and together with the exhibits attached thereto are incorporated by this reference.
2Cases cited10 opinions
- North American Oil Consolidated v. BurnetSupreme Court of the United States · 1932
- Old Colony Trust Co. v. CommissionerSupreme Court of the United States · 1929
- Crane v. CommissionerSupreme Court of the United States · 1947
- Meredith v. Winter HavenSupreme Court of the United States · 1943
- Burnet v. LoganSupreme Court of the United States · 1931
5 more not listed; retrieve them via the Exa API.
3Cited by7 opinions
- Eisenberg v. CommissionerUnited States Tax Court · 1982
- Vorwald v. CommissionerUnited States Tax Court · 1997
- Barnette v. CommissionerUnited States Tax Court · 1992
- Eisenberg v. CommissionerUnited States Tax Court · 1982
- Franks v. CommissionerUnited States Tax Court · 1988
2 more not listed; retrieve them via the Exa API.