Behlow Estate Co. v. Commissioner
United States Board of Tax Appeals
Loss. - As a part of purchase price of its own capital stock petitioner sold stock and bonds of other corporations for less than cost. Held, this was not a capital transaction which gave rise to neither gain nor loss.
1Opinion of the Court
*1366OPINION.
Milliken:
A stockholder of petitioner was desirous of selling his capital stock and petitioner, after consideration, decided to purchase the same upon the terms and conditions set forth in the findings of fact. The petitioner was to cancel the indebtedness of the seller, transfer to him certain stocks and bonds owned by it, pay $10,000 in cash, and give a promissory note for the balance due. The stock and bonds that -figured in the transaction had been purchased by petitioner subsequent to March 1, 1913, at a cost of $42,-100.50, and were sold to H. F. Behlow for a consideration of…
2Cited by5 opinions
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- Niagara Share Corp. v. CommissionerUnited States Board of Tax Appeals · 1934
- Behlow Estate Co. v. CommissionerUnited States Board of Tax Appeals · 1928
- Houston Bros. Co. v. CommissionerUnited States Board of Tax Appeals · 1930
- R. J. Reynolds Tobacco Co. v. CommissionerUnited States Board of Tax Appeals · 1937