About: United States v. Davis (1962)

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dbo:abstract	United States v. Davis, 370 U.S. 65 (1962), is a federal income tax case argued before the United States Supreme Court in 1962, holding that a taxpayer recognizes a gain on the transfer of appreciated property in satisfaction of a legal obligation. In 1984, "having heard criticism of the Davis/Farid rule for many years," Congress overruled the main holding: Under § 1041(a), no gain or loss shall be recognized by the transferor-spouse (or former spouse, but "only if the transfer is incident to divorce"); as a corollary, §1041(b) provides that transferor's basis shall carry over into the hands of the transferee-spouse. (Thus, for transfers between spouses, §1041(b) overrules the lower-of-cost-or-market rule for determining loss on subsequent sale of a gift, in §1015.) (en)
dbo:wikiPageExternalLink	https://supreme.justia.com/cases/federal/us/370/65/case.html https://www.oyez.org/cases/1961/190 https://archive.org/details/taxstoriesindept0000unse https://archive.org/details/taxstoriesindept0000unse/page/131 https://scholar.google.com/scholar_case%3Fcase=5633115544229474334 https://www.courtlistener.com/opinion/106422/united-states-v-davis/ https://www.leagle.com/decision/1961455287f2d1681403 http://cdn.loc.gov/service/ll/usrep/usrep370/usrep370065/usrep370065.pdf
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dbp:arguedate	0001-03-28 (xsd:gMonthDay)
dbp:argueyear	1962 (xsd:integer)
dbp:case	United States v. Davis, (en)
dbp:courtlistener	https://www.courtlistener.com/opinion/106422/united-states-v-davis/
dbp:decidedate	0001-06-04 (xsd:gMonthDay)
dbp:decideyear	1962 (xsd:integer)
dbp:fullname	United States v. Thomas Crawley Davis, et al. (en)
dbp:googlescholar	https://scholar.google.com/scholar_case%3Fcase=5633115544229474334
dbp:holding	A taxpayer recognizes a gain on the transfer of appreciated property in satisfaction of a legal obligation (en)
dbp:joinmajority	unanimous (en)
dbp:justia	https://supreme.justia.com/cases/federal/us/370/65/case.html
dbp:litigants	United States v. Davis (en)
dbp:loc	http://cdn.loc.gov/service/ll/usrep/usrep370/usrep370065/usrep370065.pdf
dbp:majority	Clark (en)
dbp:notparticipating	Frankfurter, White (en)
dbp:overruled	I.R.C. (en)
dbp:oyez	https://www.oyez.org/cases/1961/190
dbp:parallelcitations	172800.0
dbp:prior	17280.0
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rdfs:comment	United States v. Davis, 370 U.S. 65 (1962), is a federal income tax case argued before the United States Supreme Court in 1962, holding that a taxpayer recognizes a gain on the transfer of appreciated property in satisfaction of a legal obligation. (en)
rdfs:label	United States v. Davis (1962) (en)
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foaf:name	(en) United States v. Thomas Crawley Davis, et al. (en)
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