McMichael v. Commissioner
United States Board of Tax Appeals
The basis for determining gain or loss on the sale of stock of an insurance company which had originally been doing business as a mutual company, is the cost and not the value when acquired in 1914, regardless of what factors enter into the value.
1Opinion of the Court
APPEAL OF MORGAN J. MCMICHAEL.
McMichael v. Commissioner
Docket No. 2221.
United States Board of Tax Appeals
4 B.T.A. 266; 1926 BTA LEXIS 2321;
July 20, 1926, Decided
The basis for determining gain or loss on the sale of stock of an insurance company which had originally been doing business as a mutual company, is the cost and not the value when acquired in 1914, regardless of what factors enter into the value.
Kenneth Taylor, Esq., for the petitioner.
John D. Foley, Esq., for the Commissioner.
TRAMMELL
Before GRAUPNER, 1 TRAMMELL, and PHILLIPS.
This is an appeal from the determination of deficiencies…
2Cases cited1 opinion
- McMichael v. CommissionerUnited States Board of Tax Appeals · 1926