Klauber v. Commissioner
United States Board of Tax Appeals
Held, petitioner is not entitled, under the provisions of section 23(r), Revenue Act of 1932, to deduct a loss sustained by him individually in 1932 from sales of securities, not capital assets, from his distributive share of profits derived from similar sales by a partnership of which petitioner was a member. Percy H. Johnston,34 B.T.A. 276, followed.
1Opinion of the Court
EDWARD KLAUBER, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Klauber v. Commissioner
Docket No. 79241.
United States Board of Tax Appeals
34 B.T.A. 998; 1936 BTA LEXIS 613;
September 22, 1936, Promulgated
Held, petitioner is not entitled, under the provisions of section 23(r), Revenue Act of 1932, to deduct a loss sustained by him individually in 1932 from sales of securities, not capital assets, from his distributive share of profits derived from similar sales by a partnership of which petitioner was a member. Percy H. Johnston,34 B.T.A. 276, followed.
N. Norman Mayer, Esq., for the…
2Cases cited2 opinions
- Johnston v. CommissionerUnited States Board of Tax Appeals · 1936
- Klauber v. CommissionerUnited States Board of Tax Appeals · 1936