Heinz v. Commissioner
United States Board of Tax Appeals
1. The petitioner, on October 30, 1931, had owned for more than two years a certain number of shares of a particular stock. He sold these shares at a loss on that day and purchased on November 19, 1931, the same number of shares of the same kind of stock, thus precluding a deduction for the loss. On November 27, 1931, he sold these shares at a loss.
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1. The petitioner, on October 30, 1931, had owned for more than two years a certain number of shares of a particular stock. He sold these shares at a loss on that day and purchased on November 19, 1931, the same number of shares of the same kind of stock, thus precluding a deduction for the loss. On November 27, 1931, he sold these shares at a loss. Held, that the loss sustained on the last sale, as computed under section 113(a)(11), Revenue Act of 1928, was an ordinary loss and not a capital loss. 2. For the purpose of computing deductions for charitable gifts within the 15 percent…
1Opinion of the Court
HOWARD HEINZ, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Heinz v. Commissioner
Docket Nos. 79059, 79450.
United States Board of Tax Appeals
34 B.T.A. 885; 1936 BTA LEXIS 630;
August 7, 1936, Promulgated
1. The petitioner, on October 30, 1931, had owned for more than two years a certain number of shares of a particular stock. He sold these shares at a loss on that day and purchased on November 19, 1931, the same number of shares of the same kind of stock, thus precluding a deduction for the loss. On November 27, 1931, he sold these shares at a loss. Held, that the loss sustained on…
2Cases cited11 opinions
- Irwin v. GavitSupreme Court of the United States · 1925
- Helvering v. New York Trust Co.Supreme Court of the United States · 1934
- Helvering v. BlissSupreme Court of the United States · 1934
- Hopkins v. BaconSupreme Court of the United States · 1930
- United States v. StafoffSupreme Court of the United States · 1923
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