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  • Lazarus I. Levine and Norman L. Marks, Executors of The Estate of Samuel Stein v. Commissioner of Internal Revenue, 250 F.2d 798, 2d Cir. (1958)

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    The estate of Samuel Stein was assessed income tax deficiencies for 1944 and 1945 based on findings that proceeds from sales in Stein's bank accounts represented sales by his wholly owned corporation, making the proceeds first taxable as corporate income and then as dividends to Stein. On appeal, the sole issue was whether Stein had paid for the original purchase of the goods from his personal funds, entitling the estate to a deduction for the purchase price. However, the Tax Court found the evidence insufficient to show the purchase price came from Stein rather than his corporation. The appellate court affirmed, finding no clear error in the Tax Court's holding that the purchase price should be attributed to the corporation.

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    Filed: 1958-01-06 Precedential Status: Precedential Citations: 250 F.2d 798 Docket: 24516

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    Lazarus I. Levine and Norman L. Marks, Executors of the Estate of Samuel Stein v. Commissioner of Internal Revenue, 250 F.2d 798, 2d Cir. (1958)

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    The estate of Samuel Stein was assessed income tax deficiencies for 1944 and 1945 based on findings that proceeds from sales in Stein's bank accounts represented sales by his wholly owned corporation, making the proceeds first taxable as corporate income and then as dividends to Stein. On appeal, the sole issue was whether Stein had paid for the original purchase of the goods from his personal funds, entitling the estate to a deduction for the purchase price. However, the Tax Court found the evidence insufficient to show the purchase price came from Stein rather than his corporation. The appellate court affirmed, finding no clear error in the Tax Court's holding that the purchase price should be attributed to the corporation.

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    4 views2 pages

    Lazarus I. Levine and Norman L. Marks, Executors of The Estate of Samuel Stein v. Commissioner of Internal Revenue, 250 F.2d 798, 2d Cir. (1958)

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    Scribd Government Docs
    The estate of Samuel Stein was assessed income tax deficiencies for 1944 and 1945 based on findings that proceeds from sales in Stein's bank accounts represented sales by his wholly owned corporation, making the proceeds first taxable as corporate income and then as dividends to Stein. On appeal, the sole issue was whether Stein had paid for the original purchase of the goods from his personal funds, entitling the estate to a deduction for the purchase price. However, the Tax Court found the evidence insufficient to show the purchase price came from Stein rather than his corporation. The appellate court affirmed, finding no clear error in the Tax Court's holding that the purchase price should be attributed to the corporation.

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    of 2

    250 F.

    2d 798
    58-1 USTC P 9200

    Lazarus I. LEVINE and Norman L. Marks, Executors of the


    Estate of Samuel Stein, Petitioners-Appellants,
    v.
    COMMISSIONER OF INTERNAL REVENUE, RespondentAppellee.
    No. 44, Docket 24516.

    United States Court of Appeals Second Circuit.


    Argued Dec. 4, 1957.
    Decided Jan. 6, 1958.

    Murray L. Brinn, New York City, for petitioners-appellants.


    Grant W. Wiprud, Atty., Dept. of Justice, Washington, D.C. (Charles K.
    Rice, Asst. Atty. Gen., and John N. Stull and A. F. Prescott, Attys., Dept.
    of Justice, Washington, D.C., on the brief), for respondent-appellee.
    Before CLARK, Chief Judge, MOORE, Circuit Judge, and SMITH,
    District judge.
    PER CURIAM.

    The income tax deficiencies for 1944 and 1945 here assessed against the estate
    of the deceased taxpayer, Samuel Stein, were based upon findings that certain
    proceeds of sales of goods in Stein's bank accounts really represented sales by
    Stein's wholly owned corporation and thus were taxable first as income to the
    corporation and then as dividends to Stein. These findings are not here
    challenged, but petitioners by a motion to revise the opinion and decision of the
    Tax Court raised the issue that Stein had actually paid for the original purchase
    of goods thus sold and petitioners could therefore take the purchase price as a
    deduction in computing the tax. But the Tax Court in denying the motion found
    the evidence that such payments came from Stein, rather than his corporation,
    insufficient to sustain petitioners' burden and held that the purchase price was to
    be attributed to the corporation. This is the sole issue on appeal. We do not find

    the court's holding clearly erroneous and affirm on Judge Black's original
    opinion, Estate of Stein v. C.I.R., 25 T.C. 940, and on his memorandum
    opinion accompanying the order denying the motion to revise.
    2

    Affirmed.

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