Blaise v. Commissioner
United States Board of Tax Appeals
STATE RULE OF PROPERTY DETERMINES PERIOD OF OWNERSHIP OF CAPITAL ASSET. - In 1925 petitioner subscribed and paid for 50 shares of capital stock of a California corporation in violation of the terms of a permit of the commissioner of corporations authorizing the issuance of stock only to incorporators. The issuance of stock to petitioner was void under California law.
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STATE RULE OF PROPERTY DETERMINES PERIOD OF OWNERSHIP OF CAPITAL ASSET. - In 1925 petitioner subscribed and paid for 50 shares of capital stock of a California corporation in violation of the terms of a permit of the commissioner of corporations authorizing the issuance of stock only to incorporators. The issuance of stock to petitioner was void under California law. In 1934 a new or amended permit was obtained under which a new certificate for 50 shares of stock was lawfully issued to petitioner. He sustained a loss upon liquidation of the stock in the taxable year 1935. Held, the Board is…
1Opinion of the Court
E. F. BLAISE, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Blaise v. Commissioner
Docket No. 98294.
United States Board of Tax Appeals
42 B.T.A. 1232; 1940 BTA LEXIS 883;
November 15, 1940, Promulgated
STATE RULE OF PROPERTY DETERMINES PERIOD OF OWNERSHIP OF CAPITAL ASSET. - In 1925 petitioner subscribed and paid for 50 shares of capital stock of a California corporation in violation of the terms of a permit of the commissioner of corporations authorizing the issuance of stock only to incorporators. The issuance of stock to petitioner was void under California law. In 1934 a new or…
2Cases cited3 opinions
- Lyeth v. HoeySupreme Court of the United States · 1938
- Angelus Bldg. & Inv. Co. v. CommissionerUnited States Board of Tax Appeals · 1930
- Blaise v. CommissionerUnited States Board of Tax Appeals · 1940