Cowan v. Commissioner
United States Board of Tax Appeals
Petitioner's decedent sold two large blocks of corporate stocks to different individuals, one of whom had been a business associate, the other being a relative, at one dollar for each block, for the admitted purpose of reducing his income tax. The evidence shows the stocks had a value greatly in excess of the one dollar paid. Held, the respondent's denial of the alleged loss should be approved.
1Opinion of the Court
GRACE A. COWAN, EXECUTRIX, ESTATE OF GLEN P. COWAN, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Cowan v. Commissioner
Docket No. 67228.
United States Board of Tax Appeals
30 B.T.A. 296; 1934 BTA LEXIS 1353;
April 3, 1934, Promulgated
Petitioner's decedent sold two large blocks of corporate stocks to different individuals, one of whom had been a business associate, the other being a relative, at one dollar for each block, for the admitted purpose of reducing his income tax. The evidence shows the stocks had a value greatly in excess of the one dollar paid. Held, the respondent's…
2Cases cited1 opinion
- Cowan v. CommissionerUnited States Board of Tax Appeals · 1934