Goldsborough v. Commissioner
United States Board of Tax Appeals
LOSSES. - Petitioner's mother-in-law, solely at the instance of petitioner, purchased certain securities, at which time petitioner stated to her that should she sustain a loss by reason of such purchase he would reimburse her accordingly. Held that under the loss provisions of section 214 of the 1921 Act, the petitioner is not entitled to deduct the amount he paid his mother-in-law in 1922 for the losses she sustained in that year.
1Opinion of the Court
PHILLIPS LEE GOLDSBOROUGH, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Goldsborough v. Commissioner
Docket No. 24818.
United States Board of Tax Appeals
18 B.T.A. 181; 1929 BTA LEXIS 2102;
November 12, 1929, Promulgated
LOSSES. - Petitioner's mother-in-law, solely at the instance of petitioner, purchased certain securities, at which time petitioner stated to her that should she sustain a loss by reason of such purchase he would reimburse her accordingly. Held that under the loss provisions of section 214 of the 1921 Act, the petitioner is not entitled to deduct the amount he paid…
2Cases cited1 opinion
- Goldsborough v. CommissionerUnited States Board of Tax Appeals · 1929