Dennett v. Commissioner
United States Board of Tax Appeals
1. In 1930 each of the petitioners sold to the other certain shares of stock of the General Capital Corporation at a price less than cost. Held, that the petitioners are entitled to deduct from gross income losses sustained upon the sales. 2. In 1930 petitioner Marie G. Dennett was the owner of certain bonds which became worthless in that year. Held, that the investment in such bonds is a deductible loss of the year 1930.
1Opinion of the Court
CARL P. DENNETT, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
MARIE G. DENNETT, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Dennett v. Commissioner
Docket Nos. 71858, 72023.
United States Board of Tax Appeals
30 B.T.A. 49; 1934 BTA LEXIS 1374;
March 13, 1934, Promulgated
1. In 1930 each of the petitioners sold to the other certain shares of stock of the General Capital Corporation at a price less than cost. Held, that the petitioners are entitled to deduct from gross income losses sustained upon the sales.
2. In 1930 petitioner Marie G. Dennett was the owner of…
2Cases cited1 opinion
- Dennett v. CommissionerUnited States Board of Tax Appeals · 1934