Silberblatt v. Commissioner
United States Board of Tax Appeals
1. In 1925 petitioner contracted to sell his interest in a corporation for a fixed price, about two thirds of which was to be paid in monthly installments, the balance in cash at the time of contract. Petitioner placed his corporate stock in escrow, with power to recall it if any of the monthly payments were defaulted. The payments were completed and the stock delivered to the purchaser in 1926. Petitioner sustained a loss on the transaction.
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1. In 1925 petitioner contracted to sell his interest in a corporation for a fixed price, about two thirds of which was to be paid in monthly installments, the balance in cash at the time of contract. Petitioner placed his corporate stock in escrow, with power to recall it if any of the monthly payments were defaulted. The payments were completed and the stock delivered to the purchaser in 1926. Petitioner sustained a loss on the transaction. Held, the sale was consummated and the loss occurred in 1926. 2. Year when loss was sustained upon money loaned determined.
1Opinion of the Court
SOLOMON SILBERBLATT, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Silberblatt v. Commissioner
Docket No. 46335.
United States Board of Tax Appeals
28 B.T.A. 73; 1933 BTA LEXIS 1189;
May 11, 1933, Promulgated
1. In 1925 petitioner contracted to sell his interest in a corporation for a fixed price, about two thirds of which was to be paid in monthly installments, the balance in cash at the time of contract. Petitioner placed his corporate stock in escrow, with power to recall it if any of the monthly payments were defaulted. The payments were completed and the stock delivered to the…
2Cases cited1 opinion
- Silberblatt v. CommissionerUnited States Board of Tax Appeals · 1933