Mitchell v. Commissioner
United States Board of Tax Appeals
A husband, having an account with brokers in his name, arranged for an account to be opened in the name of his wife. Thereafter he ordered the brokers to make purchases and sales for the account of his wife. The only stocks purchased for the wife's account were those ordered sold by the husband on the same day and the stocks sold for the account of the wife were purchased on the same day for the account of the husband.
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A husband, having an account with brokers in his name, arranged for an account to be opened in the name of his wife. Thereafter he ordered the brokers to make purchases and sales for the account of his wife. The only stocks purchased for the wife's account were those ordered sold by the husband on the same day and the stocks sold for the account of the wife were purchased on the same day for the account of the husband. He furnished the funds to pay for the securities acquired for the wife's account. The stocks in the name of the wife were kept in the husband's safety deposit box with stocks…
1Opinion of the Court
*165OPINION.
Mellott:
The petition alleges that the respondent erred in disallowing the claimed deductions. It is alleged, apparently in conformity with ftule 5 (e) of the Board’s rules of practice which requires “clear and concise numbered statements of the facts upon which the petitioner relies”, that “Eliot W. Mitchell, during said calendar year 1931, sold certain securities on which he sustained a loss in the total amount of $44,634.64.” The evidence fails to support such allegation; but inasmuch as both parties at the hearing construed the issue to be whether or not valid sales of the stock…
2Cases cited2 opinions
- Gregory v. HelveringSupreme Court of the United States · 1935
- United States v. IshamSupreme Court of the United States · 1873
3Cited by2 opinions
- Bannister v. CommissionerUnited States Tax Court · 1945
- Mitchell v. CommissionerUnited States Board of Tax Appeals · 1938