Stryker v. Commissioner
United States Board of Tax Appeals
1. Where a taxpayer who traded entirely on margin made numerous purchases and sales of stock during the taxable year and, in the case of each sale, ordered his broker to sell the shares purchased on a certain date, and the broker sold the number of shares specified, held, assuming that the broker sold as directed, that the orders to the broker could be given no force as an identification of the stock sold so as to render article 39, Regulations 65, inapplicable in the…
Read the full summary
1. Where a taxpayer who traded entirely on margin made numerous purchases and sales of stock during the taxable year and, in the case of each sale, ordered his broker to sell the shares purchased on a certain date, and the broker sold the number of shares specified, held, assuming that the broker sold as directed, that the orders to the broker could be given no force as an identification of the stock sold so as to render article 39, Regulations 65, inapplicable in the determination of his taxable income, since the shares were never specifically owned or possessed by the taxpayer. 2. Article…
1Opinion of the Court
*562OPINION.
SteRniiagen:
Apparently (although not certainly) the Commissioner determined this petitioner’s taxable income in respect of his stock transactions for 1925 in accordance with article 39, Regulations G5, which is, so far as pertinent, as follows:
Abt. 30. Sale of stocle and rights. — When shares of stock in a corporation are sold from lots purchased at different dates and at different prices and the identity of the lots can not be determined, the stock sold shall be charged against the earliest purchases of sncli stock. The excess of the amount realized on the sale over the cost or other…
2Cases cited3 opinions
- Richardson v. ShawSupreme Court of the United States · 1908
- Gorman v. LittlefieldSupreme Court of the United States · 1913
- Duel v. HollinsSupreme Court of the United States · 1916
3Cited by12 opinions
- Von Gunten v. CommissionerUnited States Board of Tax Appeals · 1933
- Mickler Holding Co. v. CommissionerUnited States Board of Tax Appeals · 1933
- Oliver v. CommissionerUnited States Board of Tax Appeals · 1934
- Seelye v. CommissionerUnited States Board of Tax Appeals · 1934
- Geoghegan v. CommissionerUnited States Board of Tax Appeals · 1934
7 more not listed; retrieve them via the Exa API.