Buck v. Commissioner
United States Board of Tax Appeals
1. Petitioner, having included in gross income the entire proceeds from sale of stock subscription rights, is not estopped from correcting method of reporting the transaction by ascertaining cost of the rights and computing profit or loss on sale thereof in accordance with article 58 of Regulations 77, Revenue Act of 1932. Only so much of proceeds of sale as represents realized profit above cost constitutes taxable income, sec. 111(a), Revenue Act of 1932; Miles v. Safe…
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1. Petitioner, having included in gross income the entire proceeds from sale of stock subscription rights, is not estopped from correcting method of reporting the transaction by ascertaining cost of the rights and computing profit or loss on sale thereof in accordance with article 58 of Regulations 77, Revenue Act of 1932. Only so much of proceeds of sale as represents realized profit above cost constitutes taxable income, sec. 111(a), Revenue Act of 1932; Miles v. Safe Deposit & Trust Co. of Baltimore,259 U.S. 247, and if loss is sustained, deduction for loss is allowable. 2. The part of…
1Opinion of the Court
WALTER E. BUCK, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Buck v. Commissioner
Docket No. 87922.
United States Board of Tax Appeals
40 B.T.A. 537; 1939 BTA LEXIS 836;
September 8, 1939, Promulgated
1. Petitioner, having included in gross income the entire proceeds from sale of stock subscription rights, is not estopped from correcting method of reporting the transaction by ascertaining cost of the rights and computing profit or loss on sale thereof in accordance with article 58 of Regulations 77, Revenue Act of 1932. Only so much of proceeds of sale as represents realized profit…
2Cases cited5 opinions
- Eisner v. MacOmberSupreme Court of the United States · 1920
- Miles v. Safe Deposit & Trust Co. of BaltimoreSupreme Court of the United States · 1922
- Morrill v. JonesSupreme Court of the United States · 1883
- Strauss v. CommissionerUnited States Board of Tax Appeals · 1935
- Buck v. CommissionerUnited States Board of Tax Appeals · 1939