Franklin v. Commissioner
United States Board of Tax Appeals
From 400 shares received in a recapitalization for 80 shares bought in several lots at different times and at different costs, taxpayer sold 250 which he intended to identify with the latest purchase, so advised his secretary who carried out the sale, and on his books there was contemporaneous entry of a loss computed by deducting the entire sale price from the purchase price of the shares last bought.
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From 400 shares received in a recapitalization for 80 shares bought in several lots at different times and at different costs, taxpayer sold 250 which he intended to identify with the latest purchase, so advised his secretary who carried out the sale, and on his books there was contemporaneous entry of a loss computed by deducting the entire sale price from the purchase price of the shares last bought. Held, the shares sold were identified with those last bought and the first in, first out rule is not applicable.
1Opinion of the Court
HERBERT H. FRANKLIN, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Franklin v. Commissioner
Docket No. 78673.
United States Board of Tax Appeals
37 B.T.A. 471; 1938 BTA LEXIS 1030;
March 15, 1938, Promulgated
From 400 shares received in a recapitalization for 80 shares bought in several lots at different times and at different costs, taxpayer sold 250 which he intended to identify with the latest purchase, so advised his secretary who carried out the sale, and on his books there was contemporaneous entry of a loss computed by deducting the entire sale price from the purchase price of…
2Cases cited1 opinion
- Franklin v. CommissionerUnited States Board of Tax Appeals · 1938