Robertson v. State Tax Commission

We reverse the decision of the Appellate Tax Board which affirmed a denial by the State Tax Commission of the taxpayer’s application for abatement of an'additional assessment of income tax of $3,654.73 for the year 1965-. From the record, including a statement of agreed facts, the question emerges whether the taxpayer, in figuring the capital gain realized upon the redemption by an issuing railroad corporation of shares of preferred stock held by him, was entitled to deduct certain of his expenditures in connection with securing that redemption. The taxpayer, as executor of his father’s…