Hanlin v. Commissioner
United States Board of Tax Appeals
1. Municipal bonds of the same obligor and of the same value, differing only in dates of maturity, the difference in maturity being from four to ten months and maturity being approximately sixteen years in the future, held substantially identical securities under section 118, Revenue Act of 1932. 2. Federal Land Bank bonds of the same value, issued by the same Federal Land Bank and differing only in a difference of two and one-half years in dates of maturity, but redeemable…
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1. Municipal bonds of the same obligor and of the same value, differing only in dates of maturity, the difference in maturity being from four to ten months and maturity being approximately sixteen years in the future, held substantially identical securities under section 118, Revenue Act of 1932. 2. Federal Land Bank bonds of the same value, issued by the same Federal Land Bank and differing only in a difference of two and one-half years in dates of maturity, but redeemable at option of obligor at any time after approximately six months, maturity being approximately from twenty and one-half…
1Opinion of the Court
*812OPINION.
Disney:
The Commissioner determined a deficiency of $7,983.19 in income tax of the estate of Belle C. Hershman Martinek, deceased, for 1932. He disallowed the deduction of an ordinary loss from the sale of bonds of the city of Philadelphia and of a capital loss from the sale of Federal Land Bank bonds, with the following explanation :
These disallowances are based upon section 118 (a) of the Revenue Act of 1932, .which provides that no loss shall be allowed from the sale of securities where, within a period of thirty days, substantially the same kind and character of securities were…
2Cases cited4 opinions
- Old Colony Railroad v. CommissionerSupreme Court of the United States · 1932
- McFeely v. CommissionerSupreme Court of the United States · 1935
- Lessee of Levy v. McCarteeSupreme Court of the United States · 1832
- People v. FaulknerIllinois Supreme Court · 1910
3Cited by10 opinions
- San Antonio Savings Association and Subsidiaries v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1989
- Federal Nat'l Mortg. Asso. v. CommissionerUnited States Tax Court · 1988
- Cottage Sav. Asso. v. CommissionerUnited States Tax Court · 1988
- Leader Federal Sav. & Loan Ass'n v. CommissionerUnited States Tax Court · 1989
- San Antonio Sav. Asso. v. CommissionerUnited States Tax Court · 1988
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