Case law

United States Trust Co. v. Commissioner

31 B.T.A. 473 · United States Board of Tax Appeals · Oct 31, 1934

He left a will - introduced *474 in evidence - and therein named as executor and trustee the United States Trust Co. of New York, which was duly appointed and qualified, and as such authorized and acting trustee filed the … particular estate will take vested remainders, even thought the instrument creating the estates nominates those only of such class as shall be in esse when the particular estate falls in to take in remainder at all; for they clearly

Terminal Realty Corp. v. Commissioner

32 B.T.A. 623 · United States Board of Tax Appeals · May 17, 1935

Likewise, it is fairly well established that a period of obsolescence began about the beginning of the year 1928. … However, the period of obsolescence is not so clearly established by the evidence.

Erskine v. Commissioner

26 B.T.A. 147 · United States Board of Tax Appeals · May 24, 1932

It is well established by the evidence, and the petitioner does not deny, that the rights to acquire the shares of stock at the prices named in the agreement were of great value. … Commis sioner, 57 Fed. (2d) 3: The use of the word “ sale ” in a contract does not necessarily conclusively determine its character. ■ Its meaning may be qualified and the word deprived of its ordinary force by other provisions

Simms v. Commissioner

28 B.T.A. 988 · United States Board of Tax Appeals · Aug 11, 1933

The shares were issued as qualifying shares and the remaining shares, 75,000, were not issued at that time. … Various well qualified witnesses who were familiar with the conditions existing on June 19, 1919, as set out above - most of them leaders in the oil industry in that area at that time and well qualified from actual dealing

Sappington v. Commissioner

25 B.T.A. 1385 · United States Board of Tax Appeals · Apr 30, 1932

Maryland was a private eleemosynary corporation, not an instrumentality of the state; that in conducting the University no governmental function, essential or otherwise, was discharged, which by necessary implication was immune … This need was met by establishing public schools which admittedly serve a public interest.

Paine v. Commissioner

25 B.T.A. 764 · United States Board of Tax Appeals · Mar 2, 1932

corporation, all of the interest of Kelsey, Brewer & Company in the Jim Falls dam site property in consideration of the issuance to them of all of the common stock of the Chippewa Power Company save five shares held for qualifying … It is clearly established that the bonds were worth at least 90 and the stock not more than 85.

Case v. Commissioner

37 B.T.A. 365 · United States Board of Tax Appeals · Feb 18, 1938

of section 112 (b) (3)., We have said that the reorganization provisions of the statute, being exceptions to the general rule taxing gains and allowing deductions for losses, may not be availed of by a taxpayer unless he establishes … a transaction coming clearly within their terms.

Miller v. Commissioner

38 B.T.A. 487 · United States Board of Tax Appeals · Sep 8, 1938

Haskins were nominated and thereafter duly qualified as executors and trustees. … This paragraph of the agreement is clearly one for the purchase and sale of a deceased partner's interest in the firm at the time of death.

Midland Cooperative Wholesale v. Commissioner

44 B.T.A. 824 · United States Board of Tax Appeals · Jun 26, 1941

Heconcedes that a definite liability to make such payments - clearly a *831 prerequisite to their deduction - arose during the taxable years. … No overpayment in tax has been established. *1295 Other adjustments made by the respondent and not contested by petitioner are approved. Decision will be entered under Rule 50.

Straight v. Commissioner

7 B.T.A. 177 · United States Board of Tax Appeals · Jun 6, 1927

The petitioner accepted the trust imposed on her by the will and on April 12, 1919, was duly appointed and qualified as the sole executrix of the will and ever since has been and now is such executrix. … The petitioner concedes that these provisions establish value at the date of acquisition as the measure of gain in the case of property sold by a devisee.

Dodge v. Commissioner

13 B.T.A. 201 · United States Board of Tax Appeals · Aug 3, 1928

Bloomer, were duly appointed and qualified as administrators with the will annexed of the decedent, and on January 8, 1924, the said Matilda R. … The evidence clearly establishes that Dodge desired to make the gift in 1919 and was advised that it would have to be fully consummated and completed in 1919 to make the amount thereof deductible from income in that year.

Preston County Coke Co. v. Commissioner

24 B.T.A. 646 · United States Board of Tax Appeals · Nov 5, 1931

Engine and generator 3,200.00 Adding machine and vault 469.50 Mine rails 12,363.32 Pool room and machine 500.00 57,149.37 All of the above items were charged to expense account in accordance with the petitioner's long established … They are clearly capital expenditures returnable to the petitioner through depreciation allowances. 4.

E. H. Nielsen Co. v. Commissioner

26 B.T.A. 223 · United States Board of Tax Appeals · Jun 2, 1932

The transactions thus clearly provided for were precisely carried out, and the legal integrity of each *1363 step is cleary sustained by the evidence. … This suggestion, which counsel does not expound, can be readily dismissed, since the evidence lends no support to a finding of liquidation, but clearly establishes that the Asparagus Company was expected to and did continue

Terre Haute Electric Co. v. Commissioner

33 B.T.A. 975 · United States Board of Tax Appeals · Jan 24, 1936

During the year 1927, the Terre Haute, Indianapolis & Eastern Traction Co., lessee, was the owner of all the outstanding common capital stock of petitioner except 11 qualified shares held by directors. … The burden is unquestionably upon petitioner to establish the amount of the deduction. ; ; *829 .

Farmers Union State Exchange v. Commissioner

30 B.T.A. 1051 · United States Board of Tax Appeals · Jun 28, 1934

The duties of the executive board were to formulate plans and assist members in establishing cooperative enterprises and to supervise the office of the exchange at Omaha when such office should be established. … Hence the establishment of the livestock commissions.

Goodenough v. Commissioner

12 B.T.A. 935 · United States Board of Tax Appeals · Jun 28, 1928

Goodenough was designated as both executor and trustee under the will of said Gray and upon probate thereof duly qualified as executor. … Taylor in Detroit with a view to establishing the March 1 value of the Ford Motor Company stock.

Bank of America Nat'l Asso. v. Commissioner

19 B.T.A. 1273 · United States Board of Tax Appeals · May 29, 1930

The Franklin Trust Co. was appointed executor and trustee under the will of James Hale Bates by the Kings County Surrogate's Court on December 6, 1901, and duly qualified as executor and as trustee, and administered the estate … Clearly, the excess above such one-half of the estate is to be both determined in amount and distributed after the death of the two life beneficiaries.

Banner Bldg. Co. v. Commissioner

46 B.T.A. 857 · United States Board of Tax Appeals · Apr 7, 1942

The directors are to hold office until their successors are elected and qualified. … We think petitioner has failed to show that these payments were transfers of property made to it without motivating considerations and therefore in establishing that they constituted gifts.

Prudential Loan Co. v. Commissioner

37 B.T.A. 975 · United States Board of Tax Appeals · Jun 1, 1938

It should be emphasized that here is not an instance of a private sale asserted by respondent to be at an unduly low figure, thus enabling the vendor to establish an excessive tax loss. … Clearly, *984 then, no consequential tax advantage was to be anticipated from the proceedings *978 regarded as a whole.

Clark Thread Co. v. Commissioner

28 B.T.A. 1128 · United States Board of Tax Appeals · Aug 18, 1933

The evidence clearly establishes, we think, that the amount was paid by the Clark Thread Co. for the sole purpose of suppressing a competitive trade brand and thereby eliminating competition. … That the cost of eliminating competition in a capital asset has been established by a long line of decisions of the Board of Tax Appeals.