Bingham v. Commissioner
United States Board of Tax Appeals
In respect of short sales of stock, gain or loss is ascertained by matching the short sale price against the cost of the covering purchase, even though the taxpayer at the same time maintains with the same broker a margin account containing similar shares previously purchased.
1Opinion of the Court
OPINION.
Sternhagen :
Respondent determined a deficiency of $20,061.92 in petitioner’s income tax for 1928 by treating short sales of Victor Talking Machine stock as if they were ordinary sales of Victor stock previously purchased by petitioner. The facts are stipulated as follows:(1) The petitioner is an individual and a resident of Louisville, Kentucky. He is now and has been since prior to 1928, the owner and publisher of the Courier-Journal and The Louisville Times. For the calendar year 1928, he filed his individual income tax return with the Collector of Internal Revenue at Louisville,…
2Cases cited6 opinions
- Provost v. United StatesSupreme Court of the United States · 1926
- Rosenthal v. BrownNew York Court of Appeals · 1928
- Campbell v. . WrightNew York Court of Appeals · 1890
- Cook v. FlaggCourt of Appeals for the Second Circuit · 1918
- In re the Assignment of MillsAppellate Division of the Supreme Court of the State of New York · 1910
1 more not listed; retrieve them via the Exa API.
3Cited by14 opinions
- Smolowe v. Delendo CorporationCourt of Appeals for the Second Circuit · 1943
- Smith v. CommissionerUnited States Tax Court · 1982
- Du Pont v. Commissioner of Internal RevenueCourt of Appeals for the Third Circuit · 1941
- Hendricks v. CommissionerUnited States Tax Court · 1968
- Mickler Holding Co. v. CommissionerUnited States Board of Tax Appeals · 1933
9 more not listed; retrieve them via the Exa API.