People ex rel. Hull v. Graves

This is a proceeding to review a final determination of the State Tax Commission which affirmed the assessment of an additional tax, amounting to $1,456, against William S. Hull, who died in 1938. The issue involved is whether decedent was entitled to deduct $18,200 from his gross income in 1936 on the basis that capital stock which he owned in the Primal Realty Corporation had become worthless in that year. The following facts are fairly established:

•' In 1920 the decedent and four other individuals formed a syndicate which purchased several parcels of real estate on Eighth avenue in the…