Coombs v. Commissioner
United States Board of Tax Appeals
Where petitioner offered through a securities auctioneer to dispose of certain stock, which on December 26, 1929, was bid for and procured by a partnership of which her husband was a member holding a third interest therein, and immediately thereafter the amount paid by the partnership to the auctioneer as purchase price for the stock, less commissions, was deposited by the petitioner to her account with the partnership, and on March 7, 1930, petitioner procured back the same…
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Where petitioner offered through a securities auctioneer to dispose of certain stock, which on December 26, 1929, was bid for and procured by a partnership of which her husband was a member holding a third interest therein, and immediately thereafter the amount paid by the partnership to the auctioneer as purchase price for the stock, less commissions, was deposited by the petitioner to her account with the partnership, and on March 7, 1930, petitioner procured back the same number of shares of such stock from this partnership, held, the transaction did not constitute a bona fide sale…
1Opinion of the Court
*37OPINION.
McMahon :
The petitioner on her income tax return for the year 1929 deducted from gross income the amount of $82,089.73 as representing a loss alleged to have been sustained upon the sale at public auction of 1,572 shares of stock of the Fajardo Sugar Co. and 45 shares of stock of the National City Bank of New York, which deduction was disallowed by the respondent. There is no controversy as to the cost of the stock. The only question before us is whether the transaction on or about December 26, 1929, herein involved constitutes an actual sale.
The only witness in behalf of the…
2Cases cited1 opinion
- Clark v. CommissionerUnited States Board of Tax Appeals · 1925
3Cited by5 opinions
- Belden v. CommissionerUnited States Board of Tax Appeals · 1934
- Brochon v. CommissionerUnited States Board of Tax Appeals · 1934
- Coombs v. CommissionerUnited States Board of Tax Appeals · 1934
- Grey v. CommissionerUnited States Tax Court · 1974
- Young v. CommissionerUnited States Board of Tax Appeals · 1936