Income Tax Keyed to Lind
Taft v. Bowers
Petitioner, Elizabeth Taft, was given shares of stock of Nash Motors Company by her father in 1921 and 1922. She sold them in 1923 for more than their market value when the gift was made. The I.R.S. demanded income tax on the difference between the cost to the donor and the price received by Petitioner. The District Court held for Petitioner, and the Court of Appeals reversed and held for the I.R.S.
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