Vawter v. Commissioner
United States Board of Tax Appeals
The first in, first out rule is properly applicable to the sale by a taxpayer of shares, despite his intention to sell those last acquired, where by reason of his recent acquisition of a stock dividend and his retention of the certificate of the most recently purchased shares, the shares sold can not be identified.
1Opinion of the Court
GEORGE VAWTER, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Vawter v. Commissioner
Docket No. 74876.
United States Board of Tax Appeals
31 B.T.A. 884; 1934 BTA LEXIS 1018;
December 14, 1934, Promulgated
The first in, first out rule is properly applicable to the sale by a taxpayer of shares, despite his intention to sell those last acquired, where by reason of his recent acquisition of a stock dividend and his retention of the certificate of the most recently purchased shares, the shares sold can not be identified.
Walter A. Bolinger, Esq., for the petitioner.
Carroll Walker, Esq., and…
2Cases cited7 opinions
- Richardson v. ShawSupreme Court of the United States · 1908
- Duel v. HollinsSupreme Court of the United States · 1916
- Towne v. McElligottDistrict Court, S.D. New York · 1921
- Stryker v. CommissionerUnited States Board of Tax Appeals · 1930
- Allington v. CommissionerUnited States Board of Tax Appeals · 1934
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