Case law

Reynolds v. Comm'r

44 B.T.A. 342 · United States Board of Tax Appeals · Apr 29, 1941

The three remaining shares of common stock were issued as qualifying shares. At petitioner's direction the stock was issued as follows: Preferred Common Rollin C. Reynolds 4,000 shares 3,999 shares. Grace S. … This course of dealing by the parties to the contracts in effect established new agreements at variance in that particular with the terms of the original understanding. Gibbs-Preyer Trust #1, .

Jemison v. Commissioner

3 B.T.A. 780 · United States Board of Tax Appeals · Feb 17, 1926

Tanner, being all of the directors of the Company qualified to act as such. … Nor can we ignore the fact that this was a wholesale transaction, and that it clearly appears in the evidence not only that the parties were assured by Jemison at the time that their stock was worth not more than $125 per

U. S. Industrial Alcohol Co. v. Commissioner

42 B.T.A. 1323 · United States Board of Tax Appeals · Nov 28, 1940

Industrial Alcohol Sales Co., Inc., was a sales agent for alcohol and chemicals for the entire group in states where other subsidiaries were not qualified to do business. James A. Webb & Sons, Inc. … [Tr. 87.] ****** * Petitioner's president, Brown, testified that: v‘* * * The business at that time looked as though it was very well established.”

Rands, Inc. v. Commissioner

34 B.T.A. 1094 · United States Board of Tax Appeals · Oct 15, 1936

Cf. ; ; ; *617 (on review C.C.A., 9th Cir.); (on review C.C.A., 9th Cir.); Here subdivision (b) needs no consideration at all, since it appears clearly enough that the crucial subdivision (a) is applicable. … The evidence, in our opinion, establishes that in fact the sales, with the resulting losses, occurred, and findings to this effect have been made.

Board v. Commissioner

14 B.T.A. 374 · United States Board of Tax Appeals · Nov 20, 1928

The evidence is insufficient to establish the allegations of fraud with respect to the preparation of the returns for 1919 and 1920. 5. … The foregoing committee or trustees qualified and proceeded to distribute the funds received from the sale of the Dominion Company properties.

Southern Ry. v. Commissioner

27 B.T.A. 673 · United States Board of Tax Appeals · Feb 9, 1933

The word “petitioner” as used in this stipulation, unless specifically qualified, refers to the affiliated group. 3. … The promise to pay a greater sum than the value of the property does not establish ipso facto the presence of discount in the transaction.

W. M. Ritter Lumber Co. v. Commissioner

30 B.T.A. 231 · United States Board of Tax Appeals · Mar 31, 1934

A qualifying share of stock was issued in Wilson's name, but this share was never owned by him. In the fall of 1922 W. M. … Four shares of common stock of each company were then issued in the names of four individuals as qualifying shares.

Tide Water Oil Co. v. Commissioner

29 B.T.A. 1208 · United States Board of Tax Appeals · Feb 27, 1934

One who has received benefits and immunities under a law can not thereafter escape its burden by showing the law to be unconstitutional. *1456 Chief Justice Taft, in Booth Fisheries *1230 v. … The authorities heretofore cited upon the subject of laches establish that laches is but a species of equitable estoppel.

Nevin v. Commissioner

16 B.T.A. 15 · United States Board of Tax Appeals · Apr 15, 1929

He made a daily practice of visiting each of the departments in his 12-story establishment (very seldom taking the elevators in going from floor to floor), and constructively criticising the buyers as to their selection and … After carrying the catheter for several months, his body had built up such an immunity to this condition that there was no longer any danger from its use.

Potts-Turnbull Advertising Co. v. Commissioner

14 B.T.A. 1321 · United States Board of Tax Appeals · Jan 16, 1929

Turnbull, to qualify her for a directorship; and (3) Fannie S. Turnbull, who was the wife of H. K. Turnbull. H. K. … Sometimes such matter was very extensive *1331 and had to be clearly studied out before it was written.

Du Pont v. Commissioner

37 B.T.A. 1198 · United States Board of Tax Appeals · Jun 30, 1938

Formal transfers in themselves do not conclusively establish intent, and surrounding circumstances may establish intent more clearly than parol evidence. We must examine the record. Theodore C. … We think the respondent established clearly a prima facie case. It was then encumbent upon the petitioner, as we held in Joseph W.

Hunt v. Commissioner

35 B.T.A. 1042 · United States Board of Tax Appeals · Apr 29, 1937

At a special meeting of the board of directors of United on January 9, 1926, after it had acquired all of Western's stock except five qualifying shares, it was resolved that United should acquire all of Western's assets and … The offer which petitioner accepted specifically provided that the United stock would not be delivered until after January 2, 1926, and the evidence clearly indicates that petitioner received it in that month and not in December

Mandel Bros. v. Commissioner

4 B.T.A. 341 · United States Board of Tax Appeals · Jul 23, 1926

His testimony demonstrated clearly that he was incompetent to give expert opinion as to value of real property in the loop district of Chicago, as of March 1, 1913, or any other date. … Since the taxpayer has failed to establish by competent evidence the March 1, 1913, value of its leaseholds, we are unable to determine the amount of the deduction *2337 to which the taxpayer is entitled.

American Sec. & Trust Co. v. Commissioner

24 B.T.A. 334 · United States Board of Tax Appeals · Oct 16, 1931

The petitioners are the duly qualified executors of his estate. It was the custom of decedent and his wife to live about half of the year in Washington and the other half in Manchester, Vt. … essentials to the limitations *1711 of due process and equal protection of the laws imposed by the Constitution on the States by the Fourteenth Amendment , in so far as they affect taxation of transfers of property, is clearly

Marsh v. Commissioner

38 B.T.A. 878 · United States Board of Tax Appeals · Oct 14, 1938

The Irving Trust Co. was appointed receiver in equity on the same day and duly qualified. … In our opinion, the situation existing at the close of 1932 clearly indicated that International was hopelessly insolvent.

Boyne City Lumber Co. v. Commissioner

7 B.T.A. 36 · United States Board of Tax Appeals · May 20, 1927

. *3307 The lumber was shipped under an inspector licensed and bonded by the National Hardwood Association, who acted as inspector for both parties and who, being better qualified than the petitioner's inspector, graded more … There is no evidence in the record sufficient to show that the inventory, taken by the sales manager, in accordance with the petitioner's established practice, on the basis of his experience and knowledge of the business

Ardbern Co. v. Commissioner

41 B.T.A. 910 · United States Board of Tax Appeals · Apr 23, 1940

At the time of its organization, Feustman transferred to petitioner 3,250 shares of class A common stock of Blair & Co., Inc., and $200 cash, for which he received all of petitioner's capital stock, except two qualifying … "It is well established that title to property passes at the place of sale where the final act of the seller making effective the sale takes place." , and authorities cited.

Arnold v. Commissioner

14 B.T.A. 954 · United States Board of Tax Appeals · Dec 28, 1928

He was also an experienced woodsman and cruiser and qualified to do a great part of the work incident to examination and determination of the losses and the collection of the information necessary for the handling of the … We have carefully considered all of the facts in the record presented to us and have weighed them carefully against the presumption to correctness and it is out opinion that the record does not establish fraud; that the affirmative

American Textile Woolen Co. v. Commissioner

23 B.T.A. 670 · United States Board of Tax Appeals · Jun 12, 1931

This ratification clearly covers article 77, but contains no expression specifically applicable to article 78. … Minor stockholdings must have existed for qualifying purposes, but on the record they were purely nominal. The interests of petitioner and the subsidiaries are one.

Lafayette-South Side Bank v. Commissioner

7 B.T.A. 1307 · United States Board of Tax Appeals · Sep 7, 1927

The control, however, must be shown to be a *1321 genuine and real control actually exercised, and it can not be established by mere assertions or agreements between majority and minority stockholders unsupported by facts … The evidence clearly shows that the only property paid in for stock or shares at the time of organization was $10,000 cash and merchandise which was paid in for $10,000 of stock.