Thomas v. Commissioner
United States Board of Tax Appeals
In an exchange of a definite part of petitioners' holdings of stock in a bank, going out of business, for a definite amount of stock in another bank which then had a market value, and for "certificates of shares" in a liquidating company, which certificates later in the taxable year proved to be worthless and were sold for $1, petitioners suffered a deductible loss to the extent of the cost of their original stock, less the value of stock received plus the $1 received for…
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In an exchange of a definite part of petitioners' holdings of stock in a bank, going out of business, for a definite amount of stock in another bank which then had a market value, and for "certificates of shares" in a liquidating company, which certificates later in the taxable year proved to be worthless and were sold for $1, petitioners suffered a deductible loss to the extent of the cost of their original stock, less the value of stock received plus the $1 received for those certificates.
1Opinion of the Court
CULLEN F. THOMAS AND OLGA THOMAS, PETITIONERS, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Thomas v. Commissioner
Docket No. 16903.
United States Board of Tax Appeals
14 B.T.A. 1341; 1929 BTA LEXIS 2957;
January 16, 1929, Promulgated
In an exchange of a definite part of petitioners' holdings of stock in a bank, going out of business, for a definite amount of stock in another bank which then had a market value, and for "certificates of shares" in a liquidating company, which certificates later in the taxable year proved to be worthless and were sold for $1, petitioners suffered a deductible…
2Cases cited1 opinion
- Thomas v. CommissionerUnited States Board of Tax Appeals · 1929