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- United_States_v._Davis abstract "United States v. Davis, 370 U.S. 65 (1962) is a federal income tax case argued before the United States Supreme Court in 1962. It is notable (and thus appears frequently in law school casebooks) for the following holding:Husband's transfer of appreciated stock to his wife, pursuant to property settlement agreement executed prior to divorce, constituted a taxable event; the husband's taxable gain was measured by the stock's value at the date of its transfer.This applies the general rule, that a taxpayer recognizes a gain on the transfer of appreciated property in satisfaction of a legal obligation.In 1984, "having heard criticism of the Davis/Farid rule for many years," Congress overruled the main holding: Under §1041(a), no gain or loss shall be recognized by the transferor-spouse (or former spouse, but "only if the transfer is incident to divorce"); as a corollary, §1041(b) provides that transferor's basis shall carry over into the hands of the transferee-spouse. (Thus, for transfers between spouses, §1041(b) overrules the lower-of-cost-or-market rule for determining loss on subsequent sale of a gift, in §1015.)While this statute overrules the specific holding of Davis, it does not change the general rule—that "a taxpayer recognizes a gain on the transfer of appreciated property in satisfaction of a legal obligation."↑ ↑ ↑".
- United_States_v._Davis wikiPageID "14444187".
- United_States_v._Davis wikiPageRevisionID "572463091".
- United_States_v._Davis arguedate "--03-28".
- United_States_v._Davis argueyear "1962".
- United_States_v._Davis citation "17280.0".
- United_States_v._Davis decidedate "--06-04".
- United_States_v._Davis decideyear "1962".
- United_States_v._Davis fullname "United States v. Thomas Crawley Davis, et al.".
- United_States_v._Davis hasPhotoCollection United_States_v._Davis.
- United_States_v._Davis holding "A taxpayer recognizes a gain on the transfer of appreciated property in satisfaction of a legal obligation".
- United_States_v._Davis joinmajority "unanimous court".
- United_States_v._Davis litigants "United States v. Davis".
- United_States_v._Davis majority "Clark".
- United_States_v._Davis notparticipating "Frankfurter, White".
- United_States_v._Davis overruled "Internal Revenue Code § 1041".
- United_States_v._Davis scotus "1962".
- United_States_v._Davis uspage "65".
- United_States_v._Davis usvol "370".
- United_States_v._Davis subject Category:1962_in_United_States_case_law.
- United_States_v._Davis subject Category:United_States_Supreme_Court_cases.
- United_States_v._Davis subject Category:United_States_taxation_and_revenue_case_law.
- United_States_v._Davis type Case.
- United_States_v._Davis type LegalCase.
- United_States_v._Davis type SupremeCourtOfTheUnitedStatesCase.
- United_States_v._Davis type UnitOfWork.
- United_States_v._Davis type Event.
- United_States_v._Davis type Situation.
- United_States_v._Davis comment "United States v. Davis, 370 U.S. 65 (1962) is a federal income tax case argued before the United States Supreme Court in 1962.".
- United_States_v._Davis label "United States v. Davis".
- United_States_v._Davis sameAs m.010x63r5.
- United_States_v._Davis sameAs Q17239095.
- United_States_v._Davis sameAs Q17239095.
- United_States_v._Davis wasDerivedFrom United_States_v._Davis?oldid=572463091.
- United_States_v._Davis isPrimaryTopicOf United_States_v._Davis.
- United_States_v._Davis name "United States v. Thomas Crawley Davis, et al.".