Winmill v. Commissioner
United States Board of Tax Appeals
Taxpayer, a member of a partnership engaged in the stock brokerage business, operated three securities trading accounts as an individual and also operated four accounts jointly with others. During the taxable year he reported a gain from his partnership interest and from the operation of the joint accounts and a large loss from the operation of his individual accounts. All of the securities sold were noncapital assets.
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Taxpayer, a member of a partnership engaged in the stock brokerage business, operated three securities trading accounts as an individual and also operated four accounts jointly with others. During the taxable year he reported a gain from his partnership interest and from the operation of the joint accounts and a large loss from the operation of his individual accounts. All of the securities sold were noncapital assets. In computing the amount of the loss and gain on these accounts, buying commissions were included as part of the cost and selling commissions as an offset against the selling…
1Opinion of the Court
ROBERT C. WINMILL, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Winmill v. Commissioner
Docket No. 79036.
United States Board of Tax Appeals
35 B.T.A. 804; 1937 BTA LEXIS 837;
March 31, 1937, Promulgated
Taxpayer, a member of a partnership engaged in the stock brokerage business, operated three securities trading accounts as an individual and also operated four accounts jointly with others. During the taxable year he reported a gain from his partnership interest and from the operation of the joint accounts and a large loss from the operation of his individual accounts. All of the…
2Cases cited15 opinions
- Brushaber v. Union Pacific RailroadSupreme Court of the United States · 1916
- Gould v. GouldSupreme Court of the United States · 1917
- Helvering v. Morgan's, Inc.Supreme Court of the United States · 1934
- DeGanay v. LedererSupreme Court of the United States · 1919
- Helvering v. Independent Life InsuranceSupreme Court of the United States · 1934
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