McCarter v. Commissioner
United States Board of Tax Appeals
Where shares of stock purchased at different times and different prices are held by brokers on deposit in a security account and are carried in the name of the brokers or some other name than that of the owner and where the owner directs the broker to sell certain of these shares bought on a particular date at a particular price, such designation to the broker of the particular shares to be sold is controlling though the certificates delivered do not correspond except in…
Read the full summary
Where shares of stock purchased at different times and different prices are held by brokers on deposit in a security account and are carried in the name of the brokers or some other name than that of the owner and where the owner directs the broker to sell certain of these shares bought on a particular date at a particular price, such designation to the broker of the particular shares to be sold is controlling though the certificates delivered do not correspond except in part with the instructions given. The Commissioner's first in, first out rule has no application in such a situation.
1Opinion of the Court
UZAL H. MCCARTER (DECEASED), FIDELITY UNION TRUST COMPANY, EXECUTOR, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
McCarter v. Commissioner
Docket No. 69193.
United States Board of Tax Appeals
34 B.T.A. 535; 1936 BTA LEXIS 686;
May 5, 1936, Promulgated
Where shares of stock purchased at different times and different prices are held by brokers on deposit in a security account and are carried in the name of the brokers or some other name than that of the owner and where the owner directs the broker to sell certain of these shares bought on a particular date at a particular price, such…
2Cases cited2 opinions
- McGinley Corp. v. CommissionerUnited States Board of Tax Appeals · 1934
- McCarter v. CommissionerUnited States Board of Tax Appeals · 1936