Stavisky v. Commissioner
United States Tax Court
On September 19, 1950, petitioner contracted to sell 10,000 shares of a proposed issue of stock on a "when issued" basis at 58 1/4 per share. The following day, he contracted to purchase the same number of such shares at 58 3/8 per share.
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On September 19, 1950, petitioner contracted to sell 10,000 shares of a proposed issue of stock on a "when issued" basis at 58 1/4 per share. The following day, he contracted to purchase the same number of such shares at 58 3/8 per share. By late December of 1951 the market price of the anticipated stock had risen substantially, and petitioner then transferred to another 40 per cent of his contract to sell, paying the transferee $ 31,150 as consideration for its assumption of his "short" position thereunder. On January 2, 1952, he transferred 40 per cent of his contract to purchase to the…
1Opinion of the Court
Meyer J. Stavisky and Theresa Z. Stavisky, Petitioners, v. Commissioner of Internal Revenue, Respondent
Stavisky v. Commissioner
Docket No. 65637
United States Tax Court
34 T.C. 140; 1960 U.S. Tax Ct. LEXIS 167;
April 29, 1960, Filed
Decision will be entered for the respondent.
On September 19, 1950, petitioner contracted to sell 10,000 shares of a proposed issue of stock on a "when issued" basis at 58 1/4 per share. The following day, he contracted to purchase the same number of such shares at 58 3/8 per share. By late December of 1951 the market price of the anticipated stock had risen…
2Cases cited4 opinions
- Loewi & Co. v. Commissioner of Internal RevenueCourt of Appeals for the Seventh Circuit · 1956
- Loewi & Co. v. CommissionerUnited States Tax Court · 1954
- Stavisky v. CommissionerUnited States Tax Court · 1960
- Walker v. CommissionerUnited States Board of Tax Appeals · 1937