Northwest Bancorporation v. Commissioner of Internal Revenue

THOMAS, Circuit Judge.

This is a petition to review a decision of the Board, of Tax Appeals (32 B.T.A. 1218), and involves income taxes for the year 1930 in the amount of $13,577.85. The petition was filed by the taxpayer, the board having found in favor of the Commissioner of Internal Revenue. Petitioner contends that on November 8, 1930, it sustained a loss of $654,467.75; this amount being the difference between petitioner’s cost of stock of the Metropolitan National Bank (hereinafter called Metropolitan) and the maximum value of the remaining assets over liabilities of the Metropolitan on…