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:
“From the beach the child holding the hand of her father,
Those burial clouds that lower victorious soon to devour all,
Watching, silently weeps.”
—Walt Whitman (1819–1892)
“The best part of myself, that’s what you are. Do you think I’m going to leave it to the vulgar pawing of a second-rate detective who thinks you’re a “dame”? Do you think I could bear the thought of him holding you in his arms, kissing you, loving you?”
—Jay Dratler, U.S. screenwriter, Samuel Hoffenstein (1889–1947)
“An inquiry about the attitude towards the release of so-called political prisoners. I should be very sorry to see the United States holding anyone in confinement on account of any opinion that that person might hold. It is a fundamental tenet of our institutions that people have a right to believe what they want to believe and hold such opinions as they want to hold without having to answer to anyone for their private opinion.”
—Calvin Coolidge (1872–1933)