Afia Finance Corp. v. Commissioner
United States Tax Court
1. Held, under the provisions of section 127, I.R.C. 1939, the petitioner sustained in 1941 a war loss on German External Loan 1924 7 percent Bonds, due October 15, 1949, sometimes referred to as old bonds, and on the facts the recovery date of the bonds was on or about May 13, 1958, or a prior date in that year. 2. In 1958 the petitioner, pursuant to provisions of the London Agreement and Annex I thereto, received: (1) For its old bonds a like amount in face value of German…
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1. Held, under the provisions of section 127, I.R.C. 1939, the petitioner sustained in 1941 a war loss on German External Loan 1924 7 percent Bonds, due October 15, 1949, sometimes referred to as old bonds, and on the facts the recovery date of the bonds was on or about May 13, 1958, or a prior date in that year. 2. In 1958 the petitioner, pursuant to provisions of the London Agreement and Annex I thereto, received: (1) For its old bonds a like amount in face value of German External Loan 1924, Extension Issue 1953, 5 1/2% Dollar Bonds due October 15, 1969, sometimes referred to as new bonds;…
1Opinion of the Court
OPINION
The parties are in agreement that under the provisions of section 127 of the Internal Eevenue Code of 1939 the petitioner, in December 1941, sustained a war loss of $240,979.49 on its old bonds of $300,000 face value, which had a tax basis to petitioner of $240,979.49, that the loss was deductible in 1941, and that the petitioner has never taken a loss deduction with respect to the old bonds.
The petitioner takes the position that on January 11, 1954, the date the Securities and Exchange Commission removed its restrictions on the handling of transactions in German bonds by securities…
2Cases cited7 opinions
- Commissioner v. Gillette Motor Transport, Inc.Supreme Court of the United States · 1960
- Simon Jaglom and Marie Jaglom v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1962
- Feinstein v. CommissionerUnited States Tax Court · 1955
- Kenmore v. CommissionerUnited States Tax Court · 1952
- Jaglom v. CommissionerUnited States Tax Court · 1961
2 more not listed; retrieve them via the Exa API.
3Cited by1 opinion
- Afia Finance Corp. v. CommissionerUnited States Tax Court · 1963