Schwinn v. Commissioner
United States Board of Tax Appeals
Loss resulting from a sale of certain shares of stock held to be a loss sustained in the petitioner's trade or business.
1Opinion of the Court
*1307OPINION.
Lansdon:
The petitioner purchased 2,300 shares of stock of the Anaconda Copper Co. in December, 1919, and sold the same in June, 1924, at a loss of $73,472. The respondent treated said stock as “ capital assets ” within the meaning of section 208 of the Bevenue Act of 1924, and determined the petitioner’s income-tax liability for the year in question by subjecting said loss to the 12y2 per cent limitation prescribed by subdivision (c) of that section and Act. The petitioner claims that said stock was property held by him primarily for sale in the course of his trade or business, and…
2Cases cited15 opinions
- Flint v. Stone Tracy Co.Supreme Court of the United States · 1911
- Cooper Manufacturing Co. v. FergusonSupreme Court of the United States · 1885
- Easterbrook v. Hebrew Ladies Orphan SocietySupreme Court of Connecticut · 1912
- Wilson v. EisnerCourt of Appeals for the Second Circuit · 1922
- May v. SloanSupreme Court of the United States · 1879
10 more not listed; retrieve them via the Exa API.
3Cited by12 opinions
- Commissioner of Internal Revenue v. BoeingCourt of Appeals for the Ninth Circuit · 1939
- Helvering v. Wilmington Trust Co.Court of Appeals for the Third Circuit · 1941
- Miller v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1939
- Richards v. CommissionerUnited States Board of Tax Appeals · 1934
- Cushman v. United StatesDistrict Court, D. Arizona · 1956
7 more not listed; retrieve them via the Exa API.