McNeir v. Commissioner
United States Board of Tax Appeals
Petitioner acquired corporate stock partly for cash and partly in exchange for other property. He was not a dealer insecurities. He traded property extensively, but it is not shown that he engaged in such trading with intent to make a profit so as to make it a trade or business. Held that a loss sustained by reason of the worthlessness of the stock is not a statutory net loss.
1Opinion of the Court
OPINION.
Arundell:
This proceeding involves deficiencies in income tax determined by the respondent for the years 1929 and 1930 in the respective amounts of $2,736.10 and $186.27. Tax assessed for 1929 in the amount of $36.02 is also disputed, making a total of $2,772.12 in controversy for that year. The controversy for the year 1930 was settled at the hearing by the concession of counsel for respondent of a deductible loss sustained by petitioner in the operation of a farm and the petitioner’s abandonment of a claimed bad debt deduction. Decision of no deficiency will be entered for the year…
2Cases cited3 opinions
- Burnet v. ClarkSupreme Court of the United States · 1932
- Wilson v. EisnerCourt of Appeals for the Second Circuit · 1922
- Potter v. CommissionerUnited States Board of Tax Appeals · 1929
3Cited by2 opinions
- Bateman v. CommissionerUnited States Board of Tax Appeals · 1936
- McNeir v. CommissionerUnited States Board of Tax Appeals · 1934