Cruttenden v. Commissioner
United States Tax Court
Petitioners lent corporate stocks to a corporation (Command) in which they owned a minority interest to be used as collateral by Command to borrow funds from a bank. Title to the stocks remained in petitioners and they continued to receive all of the dividends.
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Petitioners lent corporate stocks to a corporation (Command) in which they owned a minority interest to be used as collateral by Command to borrow funds from a bank. Title to the stocks remained in petitioners and they continued to receive all of the dividends. The agreement between petitioners and Command permitted petitioners to withdraw the stocks, substituting other securities or cash, and upon termination of the agreement, if Command no longer had possession of petitioners' stocks, Command agreed to deliver to petitioners securities acceptable to them of quality and value comparable to…
1Opinion of the Court
Goffe, Judge:
The Commissioner determined deficiencies in Federal income tax for the taxable year 1971 in the amount of $12,644. The issues for decision are as follows:(1) Whether legal expenses paid by petitioner Fay T. Crutten-den to recover securities from a brokerage firm of which she was a shareholder represent a loss on a transaction entered into for profit under section 165(c)(2),2 or were ordinary and necessary expenses paid for the management, conservation, or maintenance of property held for the production of income under section 212(2);(2) Whether legal expenses paid by petitioner…
2Cases cited12 opinions
- United States v. GilmoreSupreme Court of the United States · 1963
- Woodward v. CommissionerSupreme Court of the United States · 1970
- Harrison E. Spangler and Myrtle B. Spangler v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1963
- Boagni v. CommissionerUnited States Tax Court · 1973
- Anchor Coupling Company, Inc. v. United StatesCourt of Appeals for the Seventh Circuit · 1970
7 more not listed; retrieve them via the Exa API.
3Cited by13 opinions
- Walter W. Cruttenden and Fay T. Cruttenden v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1981
- Jane K. Nickell, Now Jane K. Johnson by Marriage, and Joan D. Kincaid v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 1987
- Barr v. CommissionerUnited States Tax Court · 1989
- Estate of Allen v. CommissionerUnited States Tax Court · 1982
- Stranahan v. CommissionerUnited States Tax Court · 1982
8 more not listed; retrieve them via the Exa API.