Holding
The Supreme Court held that the $7,000 appreciation should count as gross income, as "the 'amount realized' from the exchange is the fair market value of the released marital rights, which in this case would be equal to the value of the stock transferred."
Read more about this topic: United States V. Davis
Famous quotes containing the word holding:
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—Jay Dratler, U.S. screenwriter, Samuel Hoffenstein (1889–1947)