Snyder v. Commissioner
United States Board of Tax Appeals
Where petitioner bought and sold stock without identifying the particular lots, gain or loss on sales is to be computed on the basis of the cost of the earliest purchases. John A. Snyder,20 B.T.A. 778; affd., 54 Fed.(2d) 57.
1Opinion of the Court
opinion.
Aeundell:
The respondent’s determination of a deficiency in income tax in the amount of $38,961.22 for the year 1928 arises put of his application of the rule of “ first in, first out ” to sales of stock made by petitioner in the taxable year.
The facts upon which the case was submitted are those alleged in the amended petition and admitted in the respondent’s answer thereto, and those which it was stipulated the petitioner would testify to if present. For the purposes of this report the pertinent facts may be briefly summarized.
In 1928 and several prior years petitioner dealt in stock…
2Cases cited4 opinions
- Heiner v. DonnanSupreme Court of the United States · 1932
- Manley v. GeorgiaSupreme Court of the United States · 1929
- Towne v. McElligottDistrict Court, S.D. New York · 1921
- Snyder v. CommissionerUnited States Board of Tax Appeals · 1930
3Cited by5 opinions
- Baker v. CommissionerUnited States Board of Tax Appeals · 1934
- Geoghegan v. CommissionerUnited States Board of Tax Appeals · 1934
- Allington v. CommissionerUnited States Board of Tax Appeals · 1934
- Forrester v. CommissionerUnited States Board of Tax Appeals · 1935
- Snyder v. CommissionerUnited States Board of Tax Appeals · 1933