Behlow Estate Co. v. Commissioner

BEHLOW ESTATE CO., PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

Behlow Estate Co. v. Commissioner

Docket No. 12670.

United States Board of Tax Appeals

12 B.T.A. 1365; 1928 BTA LEXIS 3356;

July 16, 1928, Promulgated

Loss. - As a part of purchase price of its own capital stock petitioner sold stock and bonds of other corporations for less than cost. Held, this was not a capital transaction which gave rise to neither gain nor loss.

D. L. Beard, Esq., for the petitioner.

J. Arthur Adams, Esq., for the respondent.

MILLIKEN

This proceeding results from the determination by respondent of a…