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:
“It was a close place. I took it up, and held it in my hand. I was trembling, because I’d got to decide, forever, betwixt two things, and I knowed it. I studied a minute, sort of holding my breath, and then says to myself: “All right, then, I’ll go to hell”—and tore it up.”
—Mark Twain [Samuel Langhorne Clemens] (1835–1910)
“By 1879, seven churches of various denominations were holding services, which led the local Chronicle to comment, “All have but one religion and one God in common; it is the Crucified Carbonate.””
—Administration in the State of Colo, U.S. public relief program (1935-1943)
“An Englishman’s never so natural as when he’s holding his tongue.”
—Henry James (1843–1916)