Anderson v. Commissioner
United States Board of Tax Appeals
1. Net value of rights to purchase stock in addition to stock held, and in proportion to such stock so held, enters into computation of cost of original stock purchase, in determining amount of gain or loss in sale thereof. 2. Taxes paid at source on tax-free covenant bonds are not taxable income.
1Opinion of the Court
*29OPINION.
Love :
In this appeal there is no controversy between the petitioner and the Commissioner as to the facts and amounts entering into the computation of loss resulting from the stock sale in question. The sole issue is whether or not the cost of the stock sho'uld be affected by the subsequent sale of certain rights to purchase additional stock. The petitioner’s cost, as shown by her books, is in excess of the March 1,1913, value, so in computing the loss resulting from the sale in 1919 she merely subtracted the sale price from the March 1, 1918, value. The Commissioner, on the other…
2Cases cited3 opinions
- Miles v. Safe Deposit & Trust Co. of BaltimoreSupreme Court of the United States · 1922
- Safe Deposit & Trust Co. of Baltimore v. MilesDistrict Court, D. Maryland · 1921
- Pitney v. DuffyDistrict Court, D. New Jersey · 1923
3Cited by1 opinion
- Anderson v. CommissionerUnited States Board of Tax Appeals · 1926