O'Malley v. Ames’s Empirical Analysis
197 F.2d 256 · 1952
Citation profile
33 federal appellate · 2 district · 1 state decisions
How this case has been cited
Cited by 73 later decisions — most recently November 2001 · most notably Marie H. Hamm v. Commissioner of Internal Revenue, William Hamm, Jr. v. Commissioner of Internal Revenue (1963), Estate of Newhouse v. Commissioner (1990)
33 federal appellate · 2 district · 1 state decisions
Later decisions citing this case, by decade. The current decade is in progress, and our corpus holds fewer opinions from the most recent years, so the latest bars are undercounted — not a real decline.
Relationships
Applies 26 U.S.C. § 113
Relies on Brooks-Scanlon Corporation v. United States · Pendergrass v. New York Life Ins. · Skelly Oil Co. v. Holloway · Bonham v. Commissioner of Internal Revenue
Most-quoted passages
The sentences later courts lift from this opinion, ranked by how many decisions quote each — the parts of the opinion doing the work. These counts are smaller than the citation total above because most of the 73 citing decisions cite the case generally; a passage count includes only decisions quoting that exact language verbatim.
“(c) * * * (1) General rules. If a contribution is made in property other than money, the amount of the deduction is determined by the fair market value of the property at the time of the contribution. The fair market value is the price at which the property would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or sell and both having reasonable knowledge of relevant facts. * * *”
6 later decisions quote this exact passage““Pinpointing the issue does not in itself solve our difficulties. The valuation of an intangible asset as of a certain date is one of the most complex problems with which courts are forced to deal. * * * We can derive from the substantive law only formal definitions, so broad as to leave the close questions of meaning entangled with inquiries as to the relevance and the weight of evidence. For instance, the present Revenue Code provides that all property, except inventories, shall be appraised at ‘fair market value’. 26 U.S.C.A. § 113 (a) (1) to (22). The ambiguities of this definition of value become immediately apparent. What is the ‘market’ value is not always the ‘fair’ value, and vice versa. In many situations there is no market for the property in question. What test should govern then? The law tells us that fair market value is a question of fact and in determining * * * fair market value of stock in a corporation due regard should be given to the fair market value of the corporate assets on that date. * * * Let us assume that this standard removes all of the confusion as to exactly ‘what value’ we are searching for. The appraisal of the stock in question is still fraught with difficulty. ‘This is necessarily true because valuations involve economic prophecies based on a complex and highly controversial technique of inferences from the known to the unknown.’ ””
1 later decision quote this exact passage
How this case has been treated — in progress
Whether each later court followed, distinguished, criticized, or overruled this decision. The treatment classification (task #35) runs highest-cited cases first and lights up here as it reaches this one.