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KAUFMANN v. COMMISSIONER

Docket Nos. 5165, 6567.

6 T.C. 444 (1946)

OLIVER M. KAUFMANN, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT. IRWIN D. WOLF AND MARTHA K. WOLF, PETITIONERS, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Promulgated March 12, 1946.

Attorney(s) appearing for the Case

W. A. Seifert, Esq., Sidney B. Gambill, Esq., and A. G. Wallerstedt, C. P. A., for the petitioners.

Homer F. Benson, Esq., for the respondent.

These proceedings, consolidated for hearing, involve income tax deficiencies for 1940 of $4,739.95 (Docket No. 5165) and $3,153.97 (Docket No. 6567).

The question in issue in both proceedings is the cost basis to be used in determining profit upon the sale during that year of certain shares of 5 percent preference stock of Kaufmann Department Stores, Inc., which shares had been acquired by the vendors by gift.

Martha...

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