Clark v. Commissioner
United States Board of Tax Appeals
Prior to the taking effect of the Revenue Act of 1921 the taxpayer sold three blocks of securities at less than cost and immediately repurchased them. Under the circumstances and conditions of the transactions, held, that two of them constituted bona fide sales and resulted in deductible losses, but the third did not.
1Opinion of the Court
*557OPINION.
Ivins:
The losses should be allowed as to the securities sold to the Columbia Trust Co. and Charles H. Jones & Co. Appeal of the Pennsylvania Co. for Insurance on Lives and Granting Annuities. 2 B. T. A. 48; Appeal of Benjamin T. Britt, 2 B. T. A. 53.
The transaction with the Columbia Trust Co. was on the border line, but the taxpayer’s evidence establishes, prima facie, a tona fide sale, and no evidence to rebut it has been presented by the Commissioner. The fact that the taxpayer was a director in the trust company may have influenced the resale by it to the taxpayer, but we have…
2Cited by12 opinions
- Shoenberg v. CommissionerUnited States Board of Tax Appeals · 1934
- Blumenthal v. CommissionerUnited States Board of Tax Appeals · 1934
- Coombs v. CommissionerUnited States Board of Tax Appeals · 1934
- United States v. ReganDistrict Court, S.D. New York · 1989
- Rand Co. v. CommissionerUnited States Board of Tax Appeals · 1933
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