Eldridge v. Commissioner
United States Board of Tax Appeals
1. The transfer of securities to a corporation in which petitioner A. S. Eldridge owned all the stock except qualifying shares, which were owned by members of his family, Eldridge receiving a credit to his personal account on the corporate books for the current market price, which was less than cost to him, is held to be a bona fide sale and the resultant loss is an allowable deduction. 2. Dividends declared in 1929, the checks for which were mailed on December 31 of that…
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1. The transfer of securities to a corporation in which petitioner A. S. Eldridge owned all the stock except qualifying shares, which were owned by members of his family, Eldridge receiving a credit to his personal account on the corporate books for the current market price, which was less than cost to him, is held to be a bona fide sale and the resultant loss is an allowable deduction. 2. Dividends declared in 1929, the checks for which were mailed on December 31 of that year but not received by petitioner until January 2, 1930 - this being the usual practice of the corporation in paying…
1Opinion of the Court
A. S. ELDRIDGE, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
ALICE H. ELDRIDGE, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Eldridge v. Commissioner
Docket Nos. 64778, 64779.
United States Board of Tax Appeals
30 B.T.A. 1322; 1934 BTA LEXIS 1184;
July 31, 1934, Promulgated
1. The transfer of securities to a corporation in which petitioner A. S. Eldridge owned all the stock except qualifying shares, which were owned by members of his family, Eldridge receiving a credit to his personal account on the corporate books for the current market price, which was less than…
2Cases cited1 opinion
- Eldridge v. CommissionerUnited States Board of Tax Appeals · 1934