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reduce to actual possession. The matter is in no wise
dependent upon what he does or upon what he fails to
do. It depends solely upon the existence of a
situation where the income is fully available to him.
* * *
Accordingly, we find that Sainte Claire constructively
received the principal amount of the 1968 note during 1988, which
Sainte Claire then re-advanced to Mr. Boccardo. Accordingly,
Sainte Claire is required to recognize in its 1988 taxable year
the gain realized on the sale of the Arboga and Gridley ranches.
Because we decide the question of constructive receipt in
respondent's favor, it is unnecessary for us to consider whether
a disposition of the 1968 note occurred within the meaning of
section 453B.
To reflect the foregoing and the parties' stipulation of
settled issues,
Decisions will be entered
under Rule 155.
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