Lamberton v. Commissioner
United States Tax Court
Deduction -- Loss -- Worthlessness of Stock. -- Shares of bank stock held by an officer of the bank were capital assets, and the deductible loss resulting from their worthlessness is limited under section 23 (g), I. R. C.
1Opinion of the Court
Chess Lamberton, Petitioner, v. Commissioner of Internal Revenue, Respondent
Lamberton v. Commissioner
Docket No. 3988
United States Tax Court
5 T.C. 600; 1945 U.S. Tax Ct. LEXIS 103;
August 17, 1945, Promulgated
Decision will be entered for the respondent.
Deduction -- Loss -- Worthlessness of Stock. -- Shares of bank stock held by an officer of the bank were capital assets, and the deductible loss resulting from their worthlessness is limited under section 23 (g), I. R. C.
E. C. Fish, Esq., for the petitioner.
William H. Best, Jr., Esq., for the respondent.
Murdock, Judge.
MURDOCK
OPINION.
The…
2Cases cited3 opinions
- Burnet v. ClarkSupreme Court of the United States · 1932
- Commissioner v. SmithSupreme Court of the United States · 1945
- Lamberton v. CommissionerUnited States Tax Court · 1945