Tax obligation — constructive possession of shares

Posted July 26, 2017 12:59 PM

Where a plaintiff did not receive a tax certificate during 2011 and only directed a wire transfer from an Individual Retirement Account to purchase stock, he did not have constructive possession of the shares.The 7th U.S. Circuit Court of Appeals affirmed a decision by U.S. District Judge David Gustafson, U.S. Tax Court.Raymond McGaugh had an Individual Retirement Account with Merrill Lynch, Pierce, Fenner & Smith Inc. since 2002. In summer 2011, he requested that Merrill Lynch use money from his IRA to purchase 7,500 …

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