Wobber Bros. v. Commissioner
United States Board of Tax Appeals
Where a corporate taxpayer by mistake used too large a cost base in computing the amount of gain upon the sale of a portion of its holdings of shares of stock in a corporation and thereby understated its real gain, it is not thereby estopped to use the actual cost in determining the gain upon the sale of the balance of its holding of stock in the corporation in a subsequent year. Lewis K. Walker,35 B.T.A. 640, distinguished.
1Opinion of the Court
WOBBER BROTHERS, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Wobber Bros. v. Commissioner
Docket No. 77387.
United States Board of Tax Appeals
35 B.T.A. 890; 1937 BTA LEXIS 818;
April 20, 1937, Promulgated
Where a corporate taxpayer by mistake used too large a cost base in computing the amount of gain upon the sale of a portion of its holdings of shares of stock in a corporation and thereby understated its real gain, it is not thereby estopped to use the actual cost in determining the gain upon the sale of the balance of its holding of stock in the corporation in a subsequent year.…
2Cases cited2 opinions
- Walker v. CommissionerUnited States Board of Tax Appeals · 1937
- Wobber Bros. v. CommissionerUnited States Board of Tax Appeals · 1937