Colston v. Burnet

GRONER, Associate Justice.

This is an appeal from a decision of the ‘Board of Tax Appeals, and involves loss and expense'items deducted by petitioner in 1924-25. The item involved in 1924 was a $20,000 loss claimed to have been sustained on account of a “short” sale of stock made by petitioner in that year. The two items in 1925 were: First, the payment by petitioner of taxes assessed against real property belonging to his wife and interest on mortgage indebtedness secured on the same property; and, second, the deduction of $108 as interest paid by petitioner to an insurance company on account…