Tobey v. Commissioner
United States Tax Court
1. Certain security transactions arising out of stocks borrowed by petitioner from Anne W. Collins held not to have resulted in "short sales" made for petitioner's account but were sales made "per instructions of said Mrs. Anne W. Collins or her agent" for her account and were not taxable to petitioner. 2. Petitioner purchased certain bonds prior to May 8, 1947, upon which interest had accrued but the payment of which was in default.
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1. Certain security transactions arising out of stocks borrowed by petitioner from Anne W. Collins held not to have resulted in "short sales" made for petitioner's account but were sales made "per instructions of said Mrs. Anne W. Collins or her agent" for her account and were not taxable to petitioner. 2. Petitioner purchased certain bonds prior to May 8, 1947, upon which interest had accrued but the payment of which was in default. Thereafter interest on the bonds continued to accrue without being paid. During the taxable year 1950, the obligor redeemed all the bonds and all the defaulted…
1Opinion of the Court
OPINION.
Aeundell, Judge:
Respondent determined a deficiency of $45,902.78 in income tax for the taxable year ended December 81,' 1950. Two issues are involved: (1) Whether the respondent erred in determining that petitioner was taxable in 1950 on a short-term capital gain of $37,529.13 from some 51 “short sales” during the period from October 13,1943, to January 20,1949, inclusive, and (2) whether the respondent erred in determining that $50,295.32 of interest which had accrued after petitioner had acquired certain bonds prior to May 8,1947, and which remained unpaid until 1950, was taxable to…
2Cases cited1 opinion
- Shattuck v. CommissionerUnited States Tax Court · 1955
3Cited by18 opinions
- Harry Rosen and Rose Rosen v. United StatesCourt of Appeals for the Third Circuit · 1961
- Simon Jaglom and Marie Jaglom v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1962
- Jaglom v. CommissionerUnited States Tax Court · 1961
- Hyde v. Comm'rUnited States Tax Court · 1975
- Central Bldg. & Loan Asso. v. CommissionerUnited States Tax Court · 1960
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