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:
“For support, I fall back on my heart. Has a man any fault a woman cannot weave with and try to change into something better, if the god her man prays to is a mother holding a baby?”
—Haniel Long (1888–1956)
“But it is the same thing we are all seeing,
Our world. Go after it,
Go get it boy, says the man holding the stick.
Eat, says the hunger, and we plunge blindly in again,
Into the chamber behind the thought.”
—John Ashbery (b. 1927)
“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)