Alcoma Corp. v. Commissioner

ALCOMA CORPORATION, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

Alcoma Corp. v. Commissioner

Docket No. 60700.

United States Board of Tax Appeals

28 B.T.A. 1292; 1933 BTA LEXIS 1028;

August 29, 1933, Promulgated

H. N. Taylor, Esq., and William Dickinson Hart, Esq., for the petitioner.

Elden McFarland, Esq., for the respondent.

GOODRICH

OPINION.

GOODRICH: Respondent has determined a deficiency in income tax for 1929 of $66,954.06, which arises from his disallowance of the deduction of a loss of $608,673.33 claimed by petitioner upon the sale in that year of its stock in the Bayshore…