Philip Kobbe Co. v. Commissioner
United States Board of Tax Appeals
NET LOSS: OPERATION OF BUSINESS REGULARLY CARRIED ON BY THE TAXPAYER. - Where, in order to further its regular business, a petitioner operating an advertising agency purchased stock in another corporation which subsequently became worthless, held, that the loss thus sustained on the purchased stock should be included among other losses in the computation of the statutory net loss under section 204(a)(1) of the Revenue Act of 1918.
1Opinion of the Court
APPEAL OF PHILIP KOBBE CO., INC.
Philip Kobbe Co. v. Commissioner
Docket No. 3308.
United States Board of Tax Appeals
4 B.T.A. 663; 1926 BTA LEXIS 2242;
July 31, 1926, Decided
NET LOSS: OPERATION OF BUSINESS REGULARLY CARRIED ON BY THE TAXPAYER. - Where, in order to further its regular business, a petitioner operating an advertising agency purchased stock in another corporation which subsequently became worthless, held, that the loss thus sustained on the purchased stock should be included among other losses in the computation of the statutory net loss under section 204(a)(1) of the Revenue Act of…
2Cases cited1 opinion
- Appeal of Philip Kobbe Co.United States Board of Tax Appeals · 1926