Becher v. Commissioner
United States Tax Court
Capital v. ordinary loss: Sale or exchange of capital asset: Worthless security: Settlement of action for failure to deliver stock. - The taxpayer paid for shares of stock in a corporation which were never delivered to him. He ultimately settled out of court with the seller for an amount substantially less than he paid. He then claimed a casulty loss due to fraud for the difference.
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Capital v. ordinary loss: Sale or exchange of capital asset: Worthless security: Settlement of action for failure to deliver stock. - The taxpayer paid for shares of stock in a corporation which were never delivered to him. He ultimately settled out of court with the seller for an amount substantially less than he paid. He then claimed a casulty loss due to fraud for the difference. The Court held that the taxpayer had received an interest in the stock and thereby acquired a capital asset. The loss was found to be a capital loss.
1Opinion of the Court
Harold Becher and Cora Becher v. Commissioner.
Becher v. Commissioner
Docket No. 84739.
United States Tax Court
T.C. Memo 1963-250; 1963 Tax Ct. Memo LEXIS 95; 22 T.C.M. (CCH) 1251; T.C.M. (RIA) 63250;
September 13, 1963
Capital v. ordinary loss: Sale or exchange of capital asset: Worthless security: Settlement of action for failure to deliver stock. - The taxpayer paid for shares of stock in a corporation which were never delivered to him. He ultimately settled out of court with the seller for an amount substantially less than he paid. He then claimed a casulty loss due to fraud for the…
2Cases cited7 opinions
- Richardson v. ShawSupreme Court of the United States · 1908
- Megargel v. CommissionerUnited States Tax Court · 1944
- Marsh v. CommissionerUnited States Tax Court · 1949
- Parsons v. LipeNew York Supreme Court · 1933
- Parsons v. First Trust and Deposit CompanyNew York Court of Appeals · 1936
2 more not listed; retrieve them via the Exa API.
3Cited by1 opinion
- Estate of Nordquist v. CommissionerUnited States Tax Court · 1972