Griscom v. Commissioner
United States Board of Tax Appeals
1. Petitioner's father died November 10, 1912, leaving a will under the terms of which the residue of his estate was to be held in trust and the income paid to petitioner's mother during her life, and at her death one-fifth of the principal was to be paid over to the petitioner. The petitioner's mother died February 28, 1923, and there were distributed to petitioner on July 17, 1923, certain securities which had formed a part of his father's estate.
Read the full summary
1. Petitioner's father died November 10, 1912, leaving a will under the terms of which the residue of his estate was to be held in trust and the income paid to petitioner's mother during her life, and at her death one-fifth of the principal was to be paid over to the petitioner. The petitioner's mother died February 28, 1923, and there were distributed to petitioner on July 17, 1923, certain securities which had formed a part of his father's estate. The petitioner sold certain of these securities in 1924 and 1925. Held, that the basis to be employed in determining gain or loss on the sales…
1Opinion of the Court
OPINION.
Smith:
The petitioner brings this proceeding for a redetermination of alleged deficiencies in income tax for the calendar years 1924 and 1925 in the amounts of $17,294.03 and $10,976.92, respectively. His petition alleges error on the part of the respondent (1) in disallowing a loss of $247,600 for 1924 on the sale of certain stock: (2) in disallowing a loss of $74,424 for 1925 on thq sale of certain stock; and (3) in disallowing a loss of $18,750 for 1925 on certain stock which became worthless during that year. In each of the foregoing allegations the stock referred to was preferred…
2Cases cited21 opinions
- Brewster v. GageSupreme Court of the United States · 1930
- McArthur v. ScottSupreme Court of the United States · 1885
- Potter v. CouchSupreme Court of the United States · 1891
- Wager v. . WagerNew York Court of Appeals · 1882
- Scott v. WestWisconsin Supreme Court · 1885
16 more not listed; retrieve them via the Exa API.
3Cited by13 opinions
- Augustus v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 1941
- Roebling v. CommissionerUnited States Board of Tax Appeals · 1933
- Insull v. Commissioner of Internal RevenueCourt of Appeals for the Seventh Circuit · 1937
- Warner v. CommissionerUnited States Board of Tax Appeals · 1933
- Wood v. CommissionerUnited States Board of Tax Appeals · 1934
8 more not listed; retrieve them via the Exa API.