Klein v. Commissioner
United States Tax Court
Petitioner purchased 1,000 shares of stock in margin account with a brokerage firm. A trustee was appointed under the Securities Investor Protection Act of 1970 to liquidate the brokerage firm. The trustee found that there were insufficient shares of American Training Services, Inc., stock held by or for the account of the brokerage firm to meet its obligations to its margin accounts.
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Petitioner purchased 1,000 shares of stock in margin account with a brokerage firm. A trustee was appointed under the Securities Investor Protection Act of 1970 to liquidate the brokerage firm. The trustee found that there were insufficient shares of American Training Services, Inc., stock held by or for the account of the brokerage firm to meet its obligations to its margin accounts. Whereupon, the trustee paid the petitioner the equivalent of the fair market value of 1,000 shares of the stock. Held, the resulting loss sustained by petitioner was attributable to a decline in the value of the…
1Opinion of the Court
ROBERT W. KLEIN AND JOY H. KLEIN, Petitioners v. COMMISSIONER OF INTERNAL REVENUE, Respondent
Klein v. Commissioner
Docket No. 2357-76.
United States Tax Court
T.C. Memo 1978-275; 1978 Tax Ct. Memo LEXIS 242; 37 T.C.M. (CCH) 1176; T.C.M. (RIA) 78275;
July 24, 1978, Filed
Petitioner purchased 1,000 shares of stock in margin account with a brokerage firm. A trustee was appointed under the Securities Investor Protection Act of 1970 to liquidate the brokerage firm. The trustee found that there were insufficient shares of American Training Services, Inc., stock held by or for the account of the…
2Cases cited6 opinions
- Edwards v. BrombergCourt of Appeals for the Fifth Circuit · 1956
- Paine v. CommissionerUnited States Tax Court · 1975
- Megargel v. CommissionerUnited States Tax Court · 1944
- Hawaiian Gas Products v. Commissioner of Int. Rev.Court of Appeals for the Ninth Circuit · 1942
- Carroll J. Bellis and Mildred Bellis v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1976
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