Bohn v. Commissioner
United States Board of Tax Appeals
1. Section 24(a)(6) of the Revenue Act of 1934 does not prevent a grantor of a trust for the benefit of his daughter taking a deduction for a loss on a bona fide sale of stock by him to the trust. 2. Difference between unrecovered cost of land contracts and bonds taken in settlement of vendees' liability thereon is deductible as a bad debt. James R. Stewart,39 B.T.A. 87, followed.
1Opinion of the Court
CHARLES B. BOHN, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Bohn v. Commissioner
Docket No. 95953.
United States Board of Tax Appeals
43 B.T.A. 953; 1941 BTA LEXIS 1425;
March 14, 1941, Promulgated
1. Section 24(a)(6) of the Revenue Act of 1934 does not prevent a grantor of a trust for the benefit of his daughter taking a deduction for a loss on a bona fide sale of stock by him to the trust.
2. Difference between unrecovered cost of land contracts and bonds taken in settlement of vendees' liability thereon is deductible as a bad debt. James R. Stewart,39 B.T.A. 87, followed.
H. A.…
2Cases cited2 opinions
- Stewart v. CommissionerUnited States Board of Tax Appeals · 1939
- Bohn v. CommissionerUnited States Board of Tax Appeals · 1941