Kluger Associates, Inc. v. Commissioner
United States Tax Court
Petitioners sold securities acquired in different lots and at different prices. In the various sales, they chose the securities they wanted to sell and identified these securities on their ledger sheets. They did not, however, deliver to their transferees the specific certificates representing the securities that their books and records indicate as having been sold.
Read the full summary
Petitioners sold securities acquired in different lots and at different prices. In the various sales, they chose the securities they wanted to sell and identified these securities on their ledger sheets. They did not, however, deliver to their transferees the specific certificates representing the securities that their books and records indicate as having been sold. Held, petitioners did not adequately identify the securities sold in compliance with sec. 1.1012-1(c)(2), Income Tax Regs., with the result that their bases in the securities sold are to be determined using the first-in, first-out…
1Opinion of the Court
Scott, Judge:
Respondent determined the following deficiencies in petitioners’ Federal income and personal holding company taxes:
Taxable year Deficiencies Personal holding
Docket No. Petitioner Income tax company tax
6036-74 Kluger Associates, Inc.9/30/66 $308,773.82 $228,075.48
9/30/67 116,104.15 197,036.99
9/30/68 86,519.00 223,183.75
6037-74 Kluger, Inc.5/31/67 98,031.93 87,131.26
5/31/68 53,287.44 56,819.09
6039-74 David Kluger and Bertha Kluger.1967 7,159.56
1968 29,420.47
Some of the issues raised by the pleadings have been disposed of by agreement of the parties, leaving for our decision the…
2Cases cited4 opinions
- Dixie Pine Products Co. v. CommissionerSupreme Court of the United States · 1944
- Davidson v. CommissionerSupreme Court of the United States · 1938
- Litchfield Securities Corporation v. United StatesCourt of Appeals for the Second Circuit · 1963
- Ellis Corp. v. CommissionerUnited States Tax Court · 1972
3Cited by11 opinions
- Kluger Associates, Inc. v. CommissionerCourt of Appeals for the Second Circuit · 1980
- Concord Instruments Corp. v. CommissionerUnited States Tax Court · 1994
- Metro Leasing & Dev. Corp. v. Comm'rUnited States Tax Court · 2002
- Hall v. Comm'rUnited States Tax Court · 1989
- Beran v. CommissionerUnited States Tax Court · 1980
6 more not listed; retrieve them via the Exa API.