Stewart v. Commissioner
United States Board of Tax Appeals
1. Loss allowed on the sale of securities to a corporation of the stock of which the petitioner owned 51 per cent in his own name and 49 per cent as trustee, where it appears that the sale was genuine. 2. Where the petitioner fails to show which of several lots of bonds he sold and which he retained, the Commissioner's determination that he sold those first acquired is approved.
1Opinion of the Court
*606OPINION.
Muedock:
The petitioner claims he sustained a loss of $3,274.63 upon the sale by him of the Iowa Central and the Minneapolis & St. Louis bonds for the Auxiliary Realty Co. The Commissioner, in his deficiency notice, does not refer to this loss, but merely states that the report of an internal revenue agent has been reviewed and approved. In this report an alleged loss of $3,195 was disallowed. It related to the bonds and the transactions now in question. • The report contained a statement that the transaction appeared to be colorable, for the reason that the company was owned entirely…
2Cases cited1 opinion
- Towne v. McElligottDistrict Court, S.D. New York · 1921
3Cited by16 opinions
- Security First Nat'l Bank v. CommissionerUnited States Board of Tax Appeals · 1933
- Von Gunten v. CommissionerUnited States Board of Tax Appeals · 1933
- Edward Sec. Corp. v. CommissionerUnited States Board of Tax Appeals · 1934
- Heinz v. CommissionerUnited States Board of Tax Appeals · 1933
- Oliver v. CommissionerUnited States Board of Tax Appeals · 1934
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