kelly legner duberstein appellate case

kelly legner duberstein appellate case - Mose DUBERSTEIN...

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Mose DUBERSTEIN and Sylvia Duberstein, husband and wife, Petitioners, v. COMMISSIONER of Internal Revenue, Respondent. Code Sec(s): Court Name: U.S. Court of Appeals, Sixth Circuit, Docket No.: No. 13646, Date Decided: 04/08/1959 Prior History: ¶ 58,004 P-H Memo TC (Opinion by Le Mire, J. ) reversed. Tax Year(s): Year 1951. Disposition: Decision for taxpayer. Cites: 3 AFTR 2d 1128, 265 F2d 28, 59-1 USTC P 9385. Issues Whether a Cadillac automobile received by the taxpayer Duberstein in the year 1951 from Mohawk Metal Corporation, was a gift or taxable income. The Tax Court found that it was not a gift, and affirmed the action of the Commissioner of Internal Revenue in assessing a deficiency against Duberstein by including in his 1951 income the sum of $4,250.00, the fair market value of the Cadillac. Facts Duberstein was President of Duberstein Iron and Metal Company of Dayton, Ohio, and Morris Berman was President of Mohawk Metal Corporation of New York. These two corporations had done business with each other in the buying and selling of various metals over a period of years. Duberstein and Berman were personally acquainted. At some time in the year 1951, Berman called Duberstein and told him that some of the information given to Berman was so helpful that he felt he wanted to give Duberstein a present. He stated that he had a Cadillac car for Duberstein and requested him to come to New York to receive it as a gift. At that time, Duberstein advised Berman that he did not feel Berman or the company owed him anything, that he had not expected anything for the information given to Berman, and had not intended to be compensated. No further conversations were had between Duberstein and Berman, after receipt of the
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This note was uploaded on 05/23/2011 for the course ACCT 827 taught by Professor Gayden during the Spring '11 term at Governors State University.

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kelly legner duberstein appellate case - Mose DUBERSTEIN...

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