Boesel v. Commissioner of Internal Revenue

MEDINA, Circuit Judge.

On March 10, 1930, petitioner, a stockbroker and financial promoter, entered into an agreement with Frank P. Parish & Co. by the terms of which he agreed to subscribe for 5,000 shares of Missouri-Kansas Pipe Line Company (hereinafter referred to as Mokan) common stock at $25 per share, payment to be made in 36 equal installments, bearing interest at the rate of 6% per annum on any unpaid monthly balance due. The stock was not deliverable until the expiration of three years from the date of the agreement; and the seller was given the option, in the event of default by…