[Download] "United States v. State Street Trust Co." by United States Court of Appeals for the First Circuit # eBook PDF Kindle ePub Free
eBook details
- Title: United States v. State Street Trust Co.
- Author : United States Court of Appeals for the First Circuit
- Release Date : January 14, 1942
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 62 KB
Description
The original plaintiff, hereinafter called the taxpayer, brought this action to recover income taxes for the year 1930, alleging that the taxes had been assessed and collected illegally on the ground that the Commissioner improperly determined that a certain exchange of stock had resulted in the realization of a capital gain under Section 111(a) of the Revenue Act of 1928, c. 852, 45 Stat. 791, 26 U.S.C.A. Int. Rev. Code, 111(a). The present plaintiff is the taxpayers executor. The district court held that no gain had been realized on the transaction since the stock received by the taxpayer had no "fair market value" within the meaning of Section 111(c) of the revenue Act of 1928, and gave judgment for the plaintiff. The defendant has appealed.