Seelye v. Commissioner
United States Board of Tax Appeals
Where an individual trading on margin deposits with his broker a certificate for a given number of shares of a corporation as additional security, thereafter buys on margin a like number of shares of the same corporation and later sells one half of the shares standing to his credit in the margin account, the basis for the computation of gain or loss upon such sale is the cost of the shares first acquired by the individual even though he instructed his broker to sell the…
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Where an individual trading on margin deposits with his broker a certificate for a given number of shares of a corporation as additional security, thereafter buys on margin a like number of shares of the same corporation and later sells one half of the shares standing to his credit in the margin account, the basis for the computation of gain or loss upon such sale is the cost of the shares first acquired by the individual even though he instructed his broker to sell the shares last acquired.
1Opinion of the Court
RALPH H. SEELYE, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Seelye v. Commissioner
Docket No. 62952.
United States Board of Tax Appeals
29 B.T.A. 695; 1934 BTA LEXIS 1499;
January 5, 1934, Promulgated
Where an individual trading on margin deposits with his broker a certificate for a given number of shares of a corporation as additional security, thereafter buys on margin a like number of shares of the same corporation and later sells one half of the shares standing to his credit in the margin account, the basis for the computation of gain or loss upon such sale is the cost of the…
2Cases cited1 opinion
- Seelye v. CommissionerUnited States Board of Tax Appeals · 1934