Cunningham v. Commissioner
United States Board of Tax Appeals
Where taxpayers, who so far as the record discloses maintained only "long" security accounts, directed the sales of certain stocks in a lesser quantity than that so held, which sales were not ordered as "short" sales, but were executed as "long" sales and so recorded on the broker's books, though taxpayers may have intended them as "short" sales, held, they were sales of stock held by taxpayers and not "short" sales. Robert W. Bingham,27 B.T.A. 186, distinguished.
1Opinion of the Court
OPINION.
Leech : These proceedings, formally consolidated, attack deficiencies in income tax for the calendar year 1928 proposed against James Cunningham and Marjorie W. Cunningham, petitioners, in the respective amounts of $7,744.26 and $1,567.35.
Petitioners were and are husband and wife. They maintained “ long ” security trading accounts with a broker, which were both conducted by petitioner James Cunningham. The purchases and sales in the,se accounts included hundreds of such transactions and were identical, but, so far as here material, involved only the following transactions in shares of…
2Cases cited5 opinions
- United States v. PhellisSupreme Court of the United States · 1921
- Provost v. United StatesSupreme Court of the United States · 1926
- Bingham v. CommissionerUnited States Board of Tax Appeals · 1932
- Snyder v. CommissionerUnited States Board of Tax Appeals · 1930
- Cook v. FlaggCourt of Appeals for the Second Circuit · 1918
3Cited by3 opinions
- Smolowe v. Delendo CorporationCourt of Appeals for the Second Circuit · 1943
- Miller v. CommissionerUnited States Board of Tax Appeals · 1934
- Cunningham v. CommissionerUnited States Board of Tax Appeals · 1934