Lanteen Medical Laboratories, Inc. v. Commissioner
United States Tax Court
1. Petitioner's basis for gain or loss on certain securities purchased in January and October 1937 and sold in 1941, held to be the original cost of such securities and not their fair market value on December 31, 1937, where the securities were intended to be purchased for petitioner's account with funds which its parent corporation owed it, but the securities were erroneously recorded on the parent's books, and the error was not discovered and corrected until December 31,…
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1. Petitioner's basis for gain or loss on certain securities purchased in January and October 1937 and sold in 1941, held to be the original cost of such securities and not their fair market value on December 31, 1937, where the securities were intended to be purchased for petitioner's account with funds which its parent corporation owed it, but the securities were erroneously recorded on the parent's books, and the error was not discovered and corrected until December 31, 1937, by a transfer to petitioner at cost. 2. Petitioner is engaged in the pharmaceutical manufacturing and distributing…
1Opinion of the Court
Lanteen Medical Laboratories, Inc., Petitioner, v. Commissioner of Internal Revenue, Respondent
Lanteen Medical Laboratories, Inc. v. Commissioner
Docket No. 12986
United States Tax Court
10 T.C. 279; 1948 U.S. Tax Ct. LEXIS 270;
February 10, 1948, Promulgated
Decision will be entered under Rule 50.
1. Petitioner's basis for gain or loss on certain securities purchased in January and October 1937 and sold in 1941, held to be the original cost of such securities and not their fair market value on December 31, 1937, where the securities were intended to be purchased for petitioner's account with funds…
2Cases cited3 opinions
- Doyle v. Mitchell Brothers Co.Supreme Court of the United States · 1918
- New Hampshire Fire Ins. Co. v. CommissionerUnited States Tax Court · 1943
- Lanteen Medical Laboratories, Inc. v. CommissionerUnited States Tax Court · 1948