Smith v. Helvering

MILLER, Associate Justice.

The Commissioner determined a deficiency against the taxpayer for the calendar year 1937. The Board of Tax Appeals affirmed. The facts are not in dispute ; instead, the taxpayer accepts the evidentiary findings of the Board and challenges the conclusion which it draws therefrom that: “The shares of stock owned by petitioner in San-I-Sal Laboratories, Inc. became worthless prior to the calendar year 1937.”; as well as its decision approving the Commissioner’s determination. The sole question of the case is whether the Board applied the correct legal test in deciding…