Mott v. Commissioner
United States Board of Tax Appeals
The owner of shares of stock, holding the certificates in a safety deposit box, directed the sale of the shares on December 30, 1930, and the broker sold them on that date.
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The owner of shares of stock, holding the certificates in a safety deposit box, directed the sale of the shares on December 30, 1930, and the broker sold them on that date. Delivery of the certificates was made on January 2, 1931. Held, that whether the transaction be considered as controlled by the Uniform Sales Act and the Uniform Stock Transfer Act in so far as transfer of title is concerned, or solely under the Federal revenue act without regard to state laws relating to refinements of title, the interest to sell the shares coupled with the broker's sale thereof in 1930 resulted in a loss…
1Opinion of the Court
*196OPINION.
Arundell:
The loss claimed on the sale of Fourth National Investors stock was disallowed solely because of petitioner’s inability to substantiate cost and sales price figures at the time her return was audited. These figures were supplied at the hearing, and we have found them as facts with the amount of resulting loss which is deductible in 1930.
There is no issue as to the amount of the losses sustained on the Westinghouse and United States Steel stocks; the controversy is as to the year in which the losses are deductible. They are claimed as deductions for 1930. The respondent…
2Cases cited19 opinions
- Burnet v. HarmelSupreme Court of the United States · 1932
- Lucas v. American Code Co.Supreme Court of the United States · 1930
- Palmer v. BenderSupreme Court of the United States · 1932
- Weiss v. WeinerSupreme Court of the United States · 1929
- Provost v. United StatesSupreme Court of the United States · 1926
14 more not listed; retrieve them via the Exa API.
3Cited by10 opinions
- Swenson v. CommissionerUnited States Tax Court · 1961
- Commissioner of Internal Revenue v. DashiellCourt of Appeals for the Seventh Circuit · 1938
- Hendricks v. CommissionerUnited States Tax Court · 1968
- Becker v. CommissionerUnited States Tax Court · 1966
- Becker v. CommissionerUnited States Tax Court · 1966
5 more not listed; retrieve them via the Exa API.