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Income Tax Keyed to Bankman
United States v. Davis
Citation:370 U.S. 65 (1962)
In 1954, Respondent negotiated a divorce settlement and separation agreement with his then wife. In exchange for the relinquishment of any and all claims and rights against Respondent, he would agree to transfer to her 1,000 shares of stock in E.I. duPont de Nemours & Co., in addition to other property. The Commissioner of Internal Revenue asserted a deficiency against Respondent for failing to report the gain he realized in the transaction where he received the value of his wife relinquishing her marital rights.
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