Farr v. Commissioner
United States Board of Tax Appeals
Where a taxpayer makes short sales of stock and thereafter covers such sales by delivering shares out of a quantity of the same stock which he has held for more than two years at the date of the short sale, section 23(s) of the Revenue Act of 1932, providing that gains or losses from short sales of stocks shall be considered as gains or losses from sales or exchanges of stocks which are not capital assets, applies and the entire gain is taxable as ordinary income.
1Opinion of the Court
FRANCES BARTOW FARR, EXECUTRIX, AND HENRY BARTOW FARR, EXECUTOR OF THE ESTATE OF JOHN FARR, DECEASED, PETITIONERS, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Farr v. Commissioner
Docket No. 76712.
United States Board of Tax Appeals
33 B.T.A. 557; 1935 BTA LEXIS 735;
November 26, 1935, Promulgated
Where a taxpayer makes short sales of stock and thereafter covers such sales by delivering shares out of a quantity of the same stock which he has held for more than two years at the date of the short sale, section 23(s) of the Revenue Act of 1932, providing that gains or losses from short sales of…
2Cases cited18 opinions
- Knowlton v. MooreSupreme Court of the United States · 1900
- Old Colony Railroad v. CommissionerSupreme Court of the United States · 1932
- Burnet v. GuggenheimSupreme Court of the United States · 1933
- Woolford Realty Co. v. RoseSupreme Court of the United States · 1932
- Avery v. CommissionerSupreme Court of the United States · 1934
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