Arrott v. Commissioner
United States Board of Tax Appeals
1. Petitioner owned several lots of shares of common stock of the American Radiator & Standard Sanitary Corporation represented by temporary certificates, which had been acquired by him at various prices and at different times, including a lot of 6,808 shares which he acquired in May 1929 upon the exercise of stock rights.
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1. Petitioner owned several lots of shares of common stock of the American Radiator & Standard Sanitary Corporation represented by temporary certificates, which had been acquired by him at various prices and at different times, including a lot of 6,808 shares which he acquired in May 1929 upon the exercise of stock rights. These 6,808 shares were continuously pledged as collateral with a trust company to secure payment of the money advanced to the petitioner to enable him to purchase the stock. The trust company commingled the temporary certificates representing these 6,808 shares with other…
1Opinion of the Court
JAMES W. ARROTT, JR., PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Arrott v. Commissioner
Docket No. 73870.
United States Board of Tax Appeals
34 B.T.A. 133; 1936 BTA LEXIS 744;
March 18, 1936, Promulgated
1. Petitioner owned several lots of shares of common stock of the American Radiator & Standard Sanitary Corporation represented by temporary certificates, which had been acquired by him at various prices and at different times, including a lot of 6,808 shares which he acquired in May 1929 upon the exercise of stock rights. These 6,808 shares were continuously pledged as collateral…
2Cases cited1 opinion
- Arrott v. CommissionerUnited States Board of Tax Appeals · 1936