McCarter v. Commissioner
United States Board of Tax Appeals
Where shares of stock purchased at different times and different prices are held by brokers on deposit in a security account and are carried in the name of the brokers or some other name than that of the owner and where the owner directs the broker to sell certain of these shares bought on a particular date at a particular price, such designation to the broker of the particular shares to be sold is controlling though the certificates delivered do not correspond except in…
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Where shares of stock purchased at different times and different prices are held by brokers on deposit in a security account and are carried in the name of the brokers or some other name than that of the owner and where the owner directs the broker to sell certain of these shares bought on a particular date at a particular price, such designation to the broker of the particular shares to be sold is controlling though the certificates delivered do not correspond except in part with the instructions given. The Commissioner's first in, first out rule has no application in such a situation.
1Opinion of the Court
OPINION.
(On Rehearing.)
Black:
On October 29, 1935, the Board promulgated its report in this proceeding and on November 11, 1935, petitioner filed a motion for reconsideration, which has been followed by an amended motion for reconsideration filed December 20, 1935. No decision under Rule 50 has been entered pursuant to our report promulgated October 29, 1935.
The principal ground urged by petitioner in support of its motions for reconsideration is that the stipulated facts set out in our report, 33 B. T. A. 304, show that on each occasion when petitioner’s decedent made the two sales of stock…
2Cases cited4 opinions
- Helvering v. RankinSupreme Court of the United States · 1935
- Richardson v. ShawSupreme Court of the United States · 1908
- Gorman v. LittlefieldSupreme Court of the United States · 1913
- Duel v. HollinsSupreme Court of the United States · 1916
3Cited by2 opinions
- Davidson v. CommissionerUnited States Board of Tax Appeals · 1936
- McCarter v. CommissionerUnited States Board of Tax Appeals · 1936