North Am. Inv. Co. v. Commissioner
United States Board of Tax Appeals
Held that petitioner is entitled to a deduction as a loss on account of a payment made to settle a controversy over stock fraudulently issued.
1Opinion of the Court
OPINION.
Trammell :
The respondent has determined a deficiency in income tax for 1923 in the amount of $654.73, of which the petitioner admits that $119.16 is correct. A redetermination of the balance of the deficiency is sought on the ground that the respondent erred in disallowing the deduction of a loss in the amount of $4,284.50 claimed in the return. The petitioner is a New Mexico corporation, with principal office at German Valley, Ill.
It is alleged in the petition and admitted in the answer that A. L. Parsons, hereinafter referred to as Parsons, then president of the petitioner,…
2Cited by10 opinions
- Redwood Empire Savings & Loan Association v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1980
- Redwood Empire Sav. & Loan Asso. v. CommissionerUnited States Tax Court · 1977
- Grossman & Sons v. CommissionerUnited States Tax Court · 1967
- Hauge v. Comm'rUnited States Tax Court · 2005
- Brush-Moore Newspapers, Inc. v. CommissionerUnited States Board of Tax Appeals · 1935
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