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:
“O, she walked unaware of her own increasing beauty
That was holding men’s thoughts from market or plough,”
—Patrick MacDonogh (1902–1961)
“I found a dimpled spider, fat and white,
On a white heal-all, holding up a moth
Like a white piece of rigid satin cloth—
Assorted characters of death and blight”
—Robert Frost (1874–1963)
“It’s frightening how easy it is to commit murder in America. Just a drink too much. I can see myself doing it. In England, one feels all the social restraints holding one back. But here, anything can happen.”
—W.H. (Wystan Hugh)