McGinley Corp. v. Commissioner
United States Board of Tax Appeals
1. Where in June 1927 petitioner's president purchased stock for a margin account in his own name, and in December petitioner sold an equal amount of stock, which sale was treated as a "short" sale by the brokers and so entered on their books, and in January petitioner's president purchased an equal amount of stock to cover the "short" sale, held, petitioner is bound by what it did and not by what it claims to have intended to do, and the testimony in the record is not…
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1. Where in June 1927 petitioner's president purchased stock for a margin account in his own name, and in December petitioner sold an equal amount of stock, which sale was treated as a "short" sale by the brokers and so entered on their books, and in January petitioner's president purchased an equal amount of stock to cover the "short" sale, held, petitioner is bound by what it did and not by what it claims to have intended to do, and the testimony in the record is not sufficient to overcome the prima facie correctness of the Commissioner's determination. 2. Where the petitioner transferred…
1Opinion of the Court
THE MCGINLEY CORPORATION, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
McGinley Corp. v. Commissioner
Docket No. 59471.
United States Board of Tax Appeals
31 B.T.A. 266; 1934 BTA LEXIS 1124;
October 4, 1934, Promulgated
1. Where in June 1927 petitioner's president purchased stock for a margin account in his own name, and in December petitioner sold an equal amount of stock, which sale was treated as a "short" sale by the brokers and so entered on their books, and in January petitioner's president purchased an equal amount of stock to cover the "short" sale, held, petitioner is bound…
2Cases cited1 opinion
- McGinley Corp. v. CommissionerUnited States Board of Tax Appeals · 1934