Bed Rock Petroleum Co. v. Commissioner
United States Board of Tax Appeals
The petitioner did not sustain a deductible loss upon the surrender to a corporation of a pro rata part of the preferred stock of the corporation for the purpose of cancellation and the removal of an operating deficit.
1Opinion of the Court
OPINION.
Smith:
This proceeding involves a deficiency in petitioner’s income tax for the calendar year 1928 in the amount of $1,525.20. The only question at issue is whether the petitioner sustained a deductible loss upon the sale of a pro rata part of its holdings of the preferred stock of another corporation. The material facts have been stipulated substantially as follows:
The petitioner is a Delaware corporation, engaged in the production of natural gas and oil. During the period 1924 to 1927, the petitioner acquired for cash or its equivalent 1,767 shares of preferred stock of the Tri-State…
2Cases cited4 opinions
- Wright v. CommissionerUnited States Board of Tax Appeals · 1929
- Haft v. CommissionerUnited States Board of Tax Appeals · 1930
- City Builders Finance Co. v. CommissionerUnited States Board of Tax Appeals · 1930
- Fredericks v. CommissionerUnited States Board of Tax Appeals · 1930
3Cited by10 opinions
- Downer v. CommissionerUnited States Tax Court · 1967
- Smith v. CommissionerUnited States Tax Court · 1976
- Frantz v. CommissionerUnited States Tax Court · 1984
- Taylor v. MacLaughlinDistrict Court, E.D. Pennsylvania · 1939
- Bed Rock Petroleum Co. v. CommissionerUnited States Board of Tax Appeals · 1933
5 more not listed; retrieve them via the Exa API.