McGinley Corp. v. Commissioner
United States Board of Tax Appeals
1. Where in June 1927 petitioner's president purchased stock for a margin account in his own name, and in December petitioner sold an equal amount of stock, which sale was treated as a "short" sale by the brokers and so entered on their books, and in January petitioner's president purchased an equal amount of stock to cover the "short" sale, held, petitioner is bound by what it did and not by what it claims to have intended to do, and the testimony in the record is not…
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1. Where in June 1927 petitioner's president purchased stock for a margin account in his own name, and in December petitioner sold an equal amount of stock, which sale was treated as a "short" sale by the brokers and so entered on their books, and in January petitioner's president purchased an equal amount of stock to cover the "short" sale, held, petitioner is bound by what it did and not by what it claims to have intended to do, and the testimony in the record is not sufficient to overcome the prima facie correctness of the Commissioner's determination. 2. Where the petitioner transferred…
1Opinion of the Court
OPINION.
Adams:
This proceeding involves income tases and penalties for the years 1927 and 1928 in the aggregate sum of $25,136.01, as follows:
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Petitioner is a Delaware corporation, with its principal office in Fort Worth, Texas, and Wm. McGinley is its president.
It alleges that respondent erred in disallowing a loss in margin advances alleged to have been made by it during the year 1927 in the sum of $31,300. It is conceded, however, that the sum of $2,427.23 is unallowable. Petitioner also assigned error in that the respondent disallowed a loss on the sale of stock in the sum of…
2Cases cited1 opinion
- Horner v. CommissionerUnited States Board of Tax Appeals · 1933
3Cited by4 opinions
- Commissioner of Internal Revenue v. TurneyCourt of Appeals for the Fifth Circuit · 1936
- Commissioner of Internal Revenue v. TurneyCourt of Appeals for the Fifth Circuit · 1936
- McCarter v. CommissionerUnited States Board of Tax Appeals · 1936
- McGinley Corp. v. CommissionerUnited States Board of Tax Appeals · 1934