Ashton v. Commissioner
United States Board of Tax Appeals
In 1934 taxpayer liquidated certain shares of building and loan association stock and suffered a loss thereby. The shares had been held for more than two years but had not matured.
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In 1934 taxpayer liquidated certain shares of building and loan association stock and suffered a loss thereby. The shares had been held for more than two years but had not matured. Held, that the transaction constituted a distribution in partial liquidation within the meaning of section 115 of the Revenue Act of 1934 and resulted in a capital loss to the taxpayer and the amount of his deductible loss is limited by section 117:d) of the Revenue Act of 1934. Henderson v. United States,22 Fed.Supp. 206.
1Opinion of the Court
AUGUSTUS TRASK ASHTON, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Ashton v. Commissioner
Docket No. 89434.
United States Board of Tax Appeals
39 B.T.A. 888; 1939 BTA LEXIS 956;
May 18, 1939, Promulgated
In 1934 taxpayer liquidated certain shares of building and loan association stock and suffered a loss thereby. The shares had been held for more than two years but had not matured. Held, that the transaction constituted a distribution in partial liquidation within the meaning of section 115 of the Revenue Act of 1934 and resulted in a capital loss to the taxpayer and the amount of…
2Cases cited1 opinion
- Ashton v. CommissionerUnited States Board of Tax Appeals · 1939