Brochon v. Commissioner
United States Board of Tax Appeals
1. Where certain stock purchased on margin by the petitioner was sold in 1929 through his broker, and at the same time a like amount of the same stock was, upon order of petitioner, purchased on margin through the same broker in the name of petitioner's wife; and, the wife having no account with such broker and no funds of her own, the petitioner was required to guarantee her account; and, upon the sale of such stock in 1930, the resultant loss was charged to petitioner's…
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1. Where certain stock purchased on margin by the petitioner was sold in 1929 through his broker, and at the same time a like amount of the same stock was, upon order of petitioner, purchased on margin through the same broker in the name of petitioner's wife; and, the wife having no account with such broker and no funds of her own, the petitioner was required to guarantee her account; and, upon the sale of such stock in 1930, the resultant loss was charged to petitioner's account, held, under all the circumstances, such transaction did not constitute a bona fide sale in 1929 resulting in a…
1Opinion of the Court
*405OPINION.
McMahon ;
The respondent contends that where husband and wife file a joint income tax return they thereby constitute a single taxpayer; that purchases and sales of securities by husband and wife are to be treated as though made by one individual; and that therefore under the provisions of section 118 of the Revenue Act of 1928 *406a loss from the sale of securities by the husband may not be deducted if within BO days after such sale the wife acquired substantially identical property, citing I.T. 1997, C.B. III-1, p. 149. As conceded on brief by the respondent, the Board has held t'o the…
2Cases cited4 opinions
- Gummey v. CommissionerUnited States Board of Tax Appeals · 1932
- Blumenthal v. CommissionerUnited States Board of Tax Appeals · 1934
- Esperson v. CommissionerUnited States Board of Tax Appeals · 1928
- Burton v. CommissionerUnited States Board of Tax Appeals · 1933
3Cited by7 opinions
- Uihlein v. CommissionerUnited States Board of Tax Appeals · 1934
- Belden v. CommissionerUnited States Board of Tax Appeals · 1934
- Fawsett v. CommissionerUnited States Board of Tax Appeals · 1934
- Brochon v. CommissionerUnited States Board of Tax Appeals · 1934
- Fawsett v. CommissionerUnited States Board of Tax Appeals · 1934
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