Sacks v. Commissioner
United States Board of Tax Appeals
Stock acquired by gift before December 31, 1920, and after March 1, 1913, was sold in 1923 for a consideration amounting to less than the value at the date of the gift, which was payable over a period of years.
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Stock acquired by gift before December 31, 1920, and after March 1, 1913, was sold in 1923 for a consideration amounting to less than the value at the date of the gift, which was payable over a period of years. Held that, assuming the transaction to be in any event within section 212(d), Revenue Act of 1926, that section by its express terms applies the installment method to profits and income, and does not authorize the spreading of losses over the period of the installment payments.
1Opinion of the Court
OPINION.
Sternhagen :
The respondent determined a deficiency of $1,025.72 in petitioner’s income tax for 1927. The only adjustment assailed by the petitioner is the disallowance of an item of $6,094.27 deducted as a loss. The facts are stipulated as follows:
STIPUIATIOST OF FACT.
1. The controversy relates only to the allowability or nonallowability of the item dealt with below; and except with respect to that, the income and tax as shown in the 60 day letter is correct.
2. The petitioner, George P. Sacks, and his wife, Mrs. Ida L. Sacks, filed joint income tax returns for the calendar years 1923…
2Cited by4 opinions
- Silberblatt v. CommissionerUnited States Board of Tax Appeals · 1933
- Martin v. CommissionerUnited States Board of Tax Appeals · 1931
- Sacks v. CommissionerUnited States Board of Tax Appeals · 1931
- Silberblatt v. CommissionerUnited States Board of Tax Appeals · 1933