Pick v. Tax Commission

The only ultimate question on this appeal is whether, in assessing the income of the plaintiff, Carl Pick, for the year 1927, he is entitled to a deduction of $10,000 for a loss which he claims to have sustained in that year. It is undisputed that he, as the holder of $15,000 of the stock of the Carl Pick Company (a Wisconsin corporation), lost that amount by reason of the corporation’s transfer of all of its assets on October 1, 1925, without receiving any consideration therefor excepting the transferee’s agreement to pay the corporation’s liabilities to its creditors. • Upon making that…