W. C. Langley & Co. v. Commissioner

APPEAL OF W. C. LANGLEY & CO.

W. C. Langley & Co. v. Commissioner

Docket No. 2567.

United States Board of Tax Appeals

2 B.T.A. 199; 1925 BTA LEXIS 2475;

June 30, 1925, Decided Submitted May 15, 1925.

Where a seat on the New York Stock Exchange is received by a partnership at an agreed valuation as the partner's capital contribution and it is sold at a loss in 1917, the partnership may deduct such loss in computing its taxable income.

Henry J. Richardson, Esq., and Franklin C. Parks, Esq., for the taxpayer.

Lee I. Park, Esq., for the Commissioner.

GREEN

Before STERNHAGEN, LANSDON, GREEN, and LOVE.

This…