Heinz v. Commissioner
United States Board of Tax Appeals
1. The petitioner, on October 30, 1931, had owned for more than two years a certain number of shares of a particular stock. He sold these shares at a loss on that day and purchased on November 19, 1931, the same number of shares of the same kind of stock, thus precluding a deduction for the loss. On November 27, 1931, he sold these shares at a loss.
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1. The petitioner, on October 30, 1931, had owned for more than two years a certain number of shares of a particular stock. He sold these shares at a loss on that day and purchased on November 19, 1931, the same number of shares of the same kind of stock, thus precluding a deduction for the loss. On November 27, 1931, he sold these shares at a loss. Held, that the loss sustained on the last sale, as computed under section 113(a)(11), Revenue Act of 1928, was an ordinary loss and not a capital loss. 2. For the purpose of computing deductions for charitable gifts within the 15 percent…
1Opinion of the Court
OPINION.
SteRnhagen:
The Commissioner determined deficiencies in petitioner’s individual income tax of $11,428.86 for 1981 and $22,633.78 for 1932. Two questions of law require decision. The facts are stipulated, but it is not necessary to set forth the entire stipulation.
*886The petitioner’s transactions here in question were in two different stocks, but a detailed statement of the facts of one may be taken as typical of the other. As to one, suffice it to say, that petitioner sold, on November 24, 1931, 2,000 shares of Pennroad Corporation stock, after having held them for more than two years; on…
2Cases cited5 opinions
- Irwin v. GavitSupreme Court of the United States · 1925
- Helvering v. New York Trust Co.Supreme Court of the United States · 1934
- Helvering v. BlissSupreme Court of the United States · 1934
- McFeely v. CommissionerSupreme Court of the United States · 1935
- Taft v. BowersSupreme Court of the United States · 1929
3Cited by3 opinions
- Pleasants v. United StatesUnited States Court of Claims · 1938
- Bank of New York & Trust Co. v. United StatesDistrict Court, S.D. New York · 1938
- Heinz v. CommissionerUnited States Board of Tax Appeals · 1936