Kelchner v. Commissioner
United States Board of Tax Appeals
The petitioner in 1930 decided to sell a certain number of shares of corporate stock which she had acquired in 1920. The sale was made through a brokerage firm by her attorney. Thereafter, the attorney mistakenly delivered certificates for shares of the stock acquired on previous dates. The mistake was not discovered until two years later.
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The petitioner in 1930 decided to sell a certain number of shares of corporate stock which she had acquired in 1920. The sale was made through a brokerage firm by her attorney. Thereafter, the attorney mistakenly delivered certificates for shares of the stock acquired on previous dates. The mistake was not discovered until two years later. Held, that the agin or loss upon the sale must be computed upon the basis of the cost of the shares represented by the certificates delivered to the purchaser.
1Opinion of the Court
HELEN V. KELCHNER, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Kelchner v. Commissioner
Docket No. 71197.
United States Board of Tax Appeals
31 B.T.A. 262; 1934 BTA LEXIS 1132;
October 3, 1934, Promulgated
The petitioner in 1930 decided to sell a certain number of shares of corporate stock which she had acquired in 1920. The sale was made through a brokerage firm by her attorney. Thereafter, the attorney mistakenly delivered certificates for shares of the stock acquired on previous dates. The mistake was not discovered until two years later. Held, that the agin or loss upon the…
2Cases cited1 opinion
- Kelchner v. CommissionerUnited States Board of Tax Appeals · 1934