Martin v. Commissioner
United States Board of Tax Appeals
Section 212(d) of the Revenue Act of 1926 does not permit taxpayers to take deductions for losses upon the installment basis.
1Opinion of the Court
*530OPINION.
McMahon:
The parties are in agreement that the petitioner sustained a loss in the amount of $263,328 as a result of the sale by him in 1925 of his stock in the Larkin Company, Inc., of Buffalo, N. -Y., for $1,610,000. The only question presented for decision is when petitioner may deduct the loss.
The applicable statutes are sections 214 (a) (5), 202 (a) (c) (d) (e), 203 (a), 204 (b) and 212 (d) of the Revenue Act of 1926.
The respondent has held that the entire loss was sustained by the petitioner in 1925. The petitioner contends that under the provisions of section 212, supra, he is…
2Cases cited4 opinions
- Botany Worsted Mills v. United StatesSupreme Court of the United States · 1929
- Gardner v. CollinsSupreme Court of the United States · 1829
- Raleigh & Gaston Railroad v. ReidSupreme Court of the United States · 1872
- Scott v. FordOregon Supreme Court · 1908
3Cited by3 opinions
- Silberblatt v. CommissionerUnited States Board of Tax Appeals · 1933
- Martin v. CommissionerUnited States Board of Tax Appeals · 1931
- Silberblatt v. CommissionerUnited States Board of Tax Appeals · 1933