Greenbaum v. Commissioner
United States Board of Tax Appeals
Upon the evidence, held that the petitioner is entitled to deduct certain losses sustained on investments made in the oil business and also to deduct losses sustained by reason of his payment of certain notes which he had endorsed.
1Opinion of the Court
*476OPINION.
Matthews:
The evidence leaves no doubt that the petitioner’s investments in the capital stock of the Consolidated Lease & Oil Co., of the Texas United Oil Co. of Dallas, and of the Tell Oil & Gas Co.,1 made subsequent to March 1, 1913, and amounting in all to $3,000, became entirely worthless in 1922. Nothing whatever was recovered by the petitioner from these investments, and,, consequently, the entire amount is properly deductible from income of that year, as losses resulting from transactions entered into for profit and not compensated for by insurance or otherwise.
During 1922 and…
2Cited by2 opinions
- Greenbaum v. United StatesUnited States Court of Claims · 1936
- Greenbaum v. CommissionerUnited States Board of Tax Appeals · 1930