Lewis v. Commissioner
United States Board of Tax Appeals
A loss on the sale at market of shares purchased and sold less than thirty days after the sale at a nondeductible loss of similar shares held more than two years is deductible as an ordinary loss incurred in a transaction entered into for profit.
1Opinion of the Court
OPINION.
SteRnhagen :
The Commissioner determined a deficiency of $5,825.99 in petitioner’s income tax for 1931. The essential facts *997were stipulated at the hearing and the rest of petitioner’s evidence is undisputed. The facts may be summarily stated.
Petitioner, on December 21, 1931, sold in open market on the New York Stock Exchange through one firm of brokers certain stocks which he had held for more than two years, and the next day he purchased through another brokerage firm the same number of shares of the saíne stock, which he thereafter instructed his brokers to sell. These later acquired…
2Cited by4 opinions
- Weir v. Commissioner of Internal RevenueCourt of Appeals for the Third Circuit · 1940
- Bank of New York & Trust Co. v. United StatesDistrict Court, S.D. New York · 1938
- Lewis v. CommissionerUnited States Board of Tax Appeals · 1936
- Rubin v. CommissionerUnited States Tax Court · 1963