Burton v. Commissioner
United States Board of Tax Appeals
A loss sustained by an individual upon the sale through a broker of stock previously purchased for profit is no less deductible because in a separate transaction his wife buys similar shares through the same broker and finances the purchase on her own account, giving her own note and pledging the shares, the certificates being issued in her name.
1Opinion of the Court
*1243OPINION.
Sternhagbn :
The respondent determined a deficiency of $8,789.17 in the petitioner’s income tax for 1929. The only item which the petitioner contests is the disallowance of a deduction taken by him on his return for a loss resulting from the alleged sale of 1,000 shares of Continental Shares, Inc.
On September 30, 1929, the petitioner bought 1,000 shares of Continental Shares, Inc., at $68.50 a share, a cost of $68,500. The purchase was made through Otis & Co., by whom petitioner was employed. He financed the purchase by borrowing from two banks and pledging the shares as security upon…
2Cited by7 opinions
- Uihlein v. CommissionerUnited States Board of Tax Appeals · 1934
- Brochon v. CommissionerUnited States Board of Tax Appeals · 1934
- Brochon v. CommissionerUnited States Board of Tax Appeals · 1934
- Burton v. CommissionerUnited States Board of Tax Appeals · 1933
- Uihlein v. CommissionerUnited States Board of Tax Appeals · 1934
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