Turner v. Commissioner
United States Board of Tax Appeals
Where the decedent in 1926 and 1928 purchased on margin through a broker at various times sundry lots of stock of United Gas Improvement Company, and in 1928 sold through the broker a portion of the stock thus held on margin, the respondent's determination that he sold those first acquired is approved.
1Opinion of the Court
*1206OPINION.
Smith:
It is the contention of'the petitioner in this proceeding that, since it was the intention of the decedent to retain 1,200 shares of the United Gas Improvement Company stock as an investment, and that intention was understood by his associates who gave the orders to purchase and sell the stock and by an employee of the brokerage concern, it must be assumed that the 1,300 shares that were sold by the broker in 1928 represented the 300 shares received as a stock dividend and in addition the 1,000 shares purchased by the decedent on June 8, 1928. The respondent rejected such…
2Cases cited1 opinion
- Burnet v. LoganSupreme Court of the United States · 1931
3Cited by7 opinions
- Horner v. CommissionerUnited States Board of Tax Appeals · 1933
- Seelye v. CommissionerUnited States Board of Tax Appeals · 1934
- Geoghegan v. CommissionerUnited States Board of Tax Appeals · 1934
- Neville v. CommissionerUnited States Board of Tax Appeals · 1933
- Bingham v. CommissionerUnited States Board of Tax Appeals · 1932
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