Stavisky v. Commissioner
United States Tax Court
On September 19, 1950, petitioner contracted to sell 10,000 shares of a proposed issue of stock on a "when issued" basis at 58 1/4 per share. The following day, he contracted to purchase the same number of such shares at 58 3/8 per share.
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On September 19, 1950, petitioner contracted to sell 10,000 shares of a proposed issue of stock on a "when issued" basis at 58 1/4 per share. The following day, he contracted to purchase the same number of such shares at 58 3/8 per share. By late December of 1951 the market price of the anticipated stock had risen substantially, and petitioner then transferred to another 40 per cent of his contract to sell, paying the transferee $ 31,150 as consideration for its assumption of his "short" position thereunder. On January 2, 1952, he transferred 40 per cent of his contract to purchase to the…
1Opinion of the Court
FoRrester, Judge:
Respondent has determined a deficiency in petitioners’ 1951 income tax in the amount of $12,861.64. The sole issue remaining is whether he erred in characterizing a payment by petitioners in the amount of $31,150 as a long-term capital loss.
FINDINGS OF FACT.
The stipulated facts are so found.
Petitioners are husband and wife residing in Brooklyn, New York. Their joint income tax return for 1951 was filed March 7, 1952, on the cash and calendar year basis with the then collector of internal revenue for the first district of New York. Meyer J. Stavisky will hereinafter be called…
2Cases cited3 opinions
- Loewi & Co. v. Commissioner of Internal RevenueCourt of Appeals for the Seventh Circuit · 1956
- Loewi & Co. v. CommissionerUnited States Tax Court · 1954
- Walker v. CommissionerUnited States Board of Tax Appeals · 1937
3Cited by5 opinions
- S. C. Johnson & Son, Inc. v. CommissionerUnited States Tax Court · 1975
- International Flavors & Fragrances, Inc. v. CommissionerUnited States Tax Court · 1974
- International Flavors & Fragrances, Inc. v. CommissionerUnited States Tax Court · 1974
- S. C. Johnson & Son, Inc. v. CommissionerUnited States Tax Court · 1975
- Stavisky v. CommissionerUnited States Tax Court · 1960