Wiesler v. Commissioner
United States Tax Court
1. Amounts equivalent to dividends paid by petitioner on account of stock borrowed for short sale transactions, held, deductible business expenses under section 23 (a) of the Internal Revenue Code. Dart v. Commissioner, 74 Fed.
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1. Amounts equivalent to dividends paid by petitioner on account of stock borrowed for short sale transactions, held, deductible business expenses under section 23 (a) of the Internal Revenue Code. Dart v. Commissioner, 74 Fed. (2d) 845, and W. Hinckle Smith, 44 B. T. A. 104, followed. 2. Expenses incurred by petitioner in maintaining an office in connection with his stock trading business and legal fees paid in connection with income tax litigation, held, deductible expenses under section 23 (a) of the Internal Revenue Code. 3. Interest charged to petitioner by broker on debit balances of…
1Opinion of the Court
OPINION.
Hill, Judge:
The first question is whether the dividends charged to petitioner with respect to account No. 2 can be offset or deducted by him as business expenses under section 23 (a) (1) of the Internal Revenue Code.1 The dividends charged in the years 1936, 1937, and 1939 are involved in Docket No. 108911, and the dividends charged in 1940 are involved in Docket No. 112741. Respondent contends that such dividend charges are capital expenses which should be included in the cost basis of the stock purchased to cover the short sales.
There is no question that the sales transacted through…
2Cases cited6 opinions
- Deputy, Administratrix v. Du PontSupreme Court of the United States · 1940
- Trust Under the Will of Bingham v. CommissionerSupreme Court of the United States · 1945
- Wilmington Trust Co. v. HelveringSupreme Court of the United States · 1942
- Mallinckrodt v. CommissionerUnited States Tax Court · 1943
- Cammack v. CommissionerUnited States Tax Court · 1945
1 more not listed; retrieve them via the Exa API.
3Cited by34 opinions
- Wilson v. CommissionerUnited States Tax Court · 1948
- Commissioner of Internal Revenue v. NubarCourt of Appeals for the Fourth Circuit · 1950
- Nichols v. CommissionerUnited States Tax Court · 1965
- Ditunno v. CommissionerUnited States Tax Court · 1983
- Commissioner v. WieslerCourt of Appeals for the Sixth Circuit · 1947
29 more not listed; retrieve them via the Exa API.