Gulftex Drug Co. v. Commissioner
United States Tax Court
Loss From Stock -- Change of Purpose of Holding -- Capital Asset -- Stock Acquired to Obtain Scarce Whiskey. -- Distilling company stock purchased to obtain rights to purchase whiskey but not sold until years after exercise of those rights was a captial asset at the time of sale and a long-term capital loss resulted.
1Opinion of the Court
OPINION.
Murdock, Judge:
The Commissioner determined a deficiency of $11,847.40 in the petitioner’s income tax for 1952. The issue for decision is whether the loss in 1952 on the sale of 800 shares of American Distilling Company stock was a long-term capital loss, as determined by the Commissioner, or should have been subtracted in full as a part of the cost of goods sold or deducted as a business expense. The facts have been presented by a stipulation, which is adopted as the findings of fact.
The petitioner filed its corporate income tax return with the director of internal revenue at Austin,…
2Cases cited11 opinions
- MAULDIN v. COMMISSIONER OF INTERNAL REVENUE (Two Cases)Court of Appeals for the Tenth Circuit · 1952
- Mauldin v. CommissionerUnited States Tax Court · 1951
- Commissioner of Internal Revenue v. The Bagley & Sewall Co.Court of Appeals for the Second Circuit · 1955
- Western Wine & Liquor Co. v. CommissionerUnited States Tax Court · 1952
- Bagley & Sewall Co. v. CommissionerUnited States Tax Court · 1953
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3Cited by26 opinions
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- Smith & Welton, Inc. v. United StatesDistrict Court, E.D. Virginia · 1958
- John J. Grier Co., a Corporation v. United StatesCourt of Appeals for the Seventh Circuit · 1964
- Waterman, Largen & Co., Inc. v. The United StatesUnited States Court of Claims · 1969
- Missisquoi Corp. v. CommissionerUnited States Tax Court · 1962
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