Childs v. Commissioner
United States Board of Tax Appeals
CAPITAL GAIN. - Gain realized on the redemption in 1933 of preferred stock which had been held by the petitioner for more than two years, held to be capital gain. William C. Rands,34 B.T.A. 1107, overruled in so far as it treats as ordinary income the gain on redemption of stock constituting a capital asset.
1Opinion of the Court
*1126OPINION.
Arundell :
The respondent determined a deficiency in petitioner’s income tax for 1933 in the amount of $731.51. Two errors are alleged in the petition: First, the treatment as ordinary income of an item reported as capital gain, and, second, the disallowance of a deduction of $165 for accounting fees expended in the preparation of petitioner’s income tax return. No evidence was offered as to the second issue and it was not argued by counsel. This issue must be decided for the respondent. Charles Henry Mattlage, 3 B. T. A. 242.
Under the first issue the evidence consists of a stipulation…
2Cited by4 opinions
- Felin v. KyleDistrict Court, E.D. Pennsylvania · 1938
- White v. United StatesUnited States Court of Claims · 1937
- Chester N. Weaver Co. v. CommissionerCourt of Appeals for the Ninth Circuit · 1938
- Childs v. CommissionerUnited States Board of Tax Appeals · 1937