Shoenberg v. Commissioner
United States Board of Tax Appeals
The taxpayer, who was president and, by virtue of stock ownership and blanket corporate authorization, in complete control of a corporation, gave instructions to a broker to sell certain personally owned stocks and at the same time gave instructions to the same broker to buy identical quantities of the same stocks on behalf of the corporation. The broker issued notices of sales and purchases to the respective parties and checks were passed.
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The taxpayer, who was president and, by virtue of stock ownership and blanket corporate authorization, in complete control of a corporation, gave instructions to a broker to sell certain personally owned stocks and at the same time gave instructions to the same broker to buy identical quantities of the same stocks on behalf of the corporation. The broker issued notices of sales and purchases to the respective parties and checks were passed. Upon the expiration of 30 days after the above transactions the corporation transferred the stock to the taxpayer in his personal capacity. Held, the…
1Opinion of the Court
OPINION.
Van Fossan :
A deficiency of $38,877.26 for the year 1930 is here contested. In simplest terms, the question is, Did petitioner make a bona fide sale of certain securities ? In the event of our affirmative decision the respondent raises a further question, Did petitioner have an option to reacquire substantially the same stocks ?
The facts are not complex. Petitioner is an individual. He is also president of the Globe Investment Co., of which he owns 70 percent of the stock, the remainder being owned by petitioner’s mother, an aged woman in poor health. By resolution dated May 15, 1929,…
2Cases cited3 opinions
- Clark v. CommissionerUnited States Board of Tax Appeals · 1925
- Seymour v. CommissionerUnited States Board of Tax Appeals · 1932
- Chisholm v. CommissionerUnited States Board of Tax Appeals · 1934
3Cited by21 opinions
- Perry v. CommissionerUnited States Tax Court · 1970
- Maysteel Products, Inc. v. CommissionerUnited States Tax Court · 1960
- Gantner v. CommissionerUnited States Tax Court · 1988
- Cottage Sav. Asso. v. CommissionerUnited States Tax Court · 1988
- Haag v. CommissionerUnited States Tax Court · 1963
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