Burnside Veneer Co. v. Commissioner
United States Tax Court
Petitioner, the owner of 655 of the total of 810 outstanding shares of stock of G corporation, claimed the right to deduct as a long term capital loss sustained during its fiscal year ended November 30, 1941, the sum of $ 24,140.35, the difference between the cost of the 655 shares and the aggregate of amounts of cash received in liquidation of G corporation.
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Petitioner, the owner of 655 of the total of 810 outstanding shares of stock of G corporation, claimed the right to deduct as a long term capital loss sustained during its fiscal year ended November 30, 1941, the sum of $ 24,140.35, the difference between the cost of the 655 shares and the aggregate of amounts of cash received in liquidation of G corporation. Held, amounts received by petitioner represented a series of distributions in complete cancellation of all of stock of G corporation in accordance with a plan of liquidation under which the transfer of all of its property was to be…
1Opinion of the Court
Burnside Veneer Company, Incorporated, Petitioner, v. Commissioner of Internal Revenue, Respondent
Burnside Veneer Co. v. Commissioner
Docket No. 3420
United States Tax Court
8 T.C. 442; 1947 U.S. Tax Ct. LEXIS 263;
February 28, 1947, Promulgated
Decision will be entered for the respondent.
Petitioner, the owner of 655 of the total of 810 outstanding shares of stock of G corporation, claimed the right to deduct as a long term capital loss sustained during its fiscal year ended November 30, 1941, the sum of $ 24,140.35, the difference between the cost of the 655 shares and the aggregate of amounts of…
2Cases cited3 opinions
- Roach v. CommissionerUnited States Tax Court · 1945
- Burnside Veneer Co. v. CommissionerUnited States Tax Court · 1947
- Mason v. CommissionerUnited States Tax Court · 1944