Schoenhut v. Commissioner
United States Board of Tax Appeals
1. The petitioners were owners of common stock of the A. Schoenhut Co., which was declared by the court to be insolvent in 1935. The machinery and substantially all of its assets, except the dismantled plant, were disposed of in 1936. In 1937 the remaining assets of the bankrupt were sold at public sale for the nominal amount of $125, the purchasers thereof being the mortgagees of the property.
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1. The petitioners were owners of common stock of the A. Schoenhut Co., which was declared by the court to be insolvent in 1935. The machinery and substantially all of its assets, except the dismantled plant, were disposed of in 1936. In 1937 the remaining assets of the bankrupt were sold at public sale for the nominal amount of $125, the purchasers thereof being the mortgagees of the property. Held, that the petitioners' shares of common stock became worthless prior to 1937. 2. Petitioners Otto Schoenhut and Minnie Schoenhut filed a joint income tax return for 1937 and the respondent…
1Opinion of the Court
GEORGE W. SCHOENHUT, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
OTTO SCHOENHUT AND MINNIE SCHOENHUT, PETITIONERS, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Schoenhut v. Commissioner
Docket Nos. 100583, 100584.
United States Board of Tax Appeals
45 B.T.A. 812; 1941 BTA LEXIS 1066;
November 25, 1941, Promulgated
1. The petitioners were owners of common stock of the A. Schoenhut Co., which was declared by the court to be insolvent in 1935. The machinery and substantially all of its assets, except the dismantled plant, were disposed of in 1936. In 1937 the remaining assets of…
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