Lamberton v. Commissioner
United States Tax Court
Deduction -- Loss -- Worthlessness of Stock. -- Shares of bank stock held by an officer of the bank were capital assets, and the deductible loss resulting from their worthlessness is limited under section 23 (g), I. R. C.
1Opinion of the Court
OriNION.
MuRdock, Judge:
The Commissioner determined a deficiency of $28,700.56 in the petitioner’s income tax for the calendar year 1941. The facts have been stipulated. The petitioner claimed on his return a deduction of $72,016, representing the full cost to him on 2,771 shares of common stock of the Lamberton National Bank of Franklin, Pennsylvania. The Commissioner, in determining the deficiency, reduced the basis for computing gain or loss on this stock from $72,016 to $53,216. The petitioner accepts this adjustment as correct, but contends that the entire amount of this basis is…
2Cases cited2 opinions
- Burnet v. ClarkSupreme Court of the United States · 1932
- Commissioner v. SmithSupreme Court of the United States · 1945
3Cited by4 opinions
- Eres v. CommissionerUnited States Tax Court · 1954
- Eres v. CommissionerUnited States Tax Court · 1954
- Eres v. CommissionerUnited States Tax Court · 1954
- Lamberton v. CommissionerUnited States Tax Court · 1945