McNeir v. Commissioner
United States Board of Tax Appeals
Petitioner acquired corporate stock partly for cash and partly in exchange for other property. He was not a dealer insecurities. He traded property extensively, but it is not shown that he engaged in such trading with intent to make a profit so as to make it a trade or business. Held that a loss sustained by reason of the worthlessness of the stock is not a statutory net loss.
1Opinion of the Court
BURROWS MCNEIR, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
McNeir v. Commissioner
Docket No. 68480.
United States Board of Tax Appeals
30 B.T.A. 418; 1934 BTA LEXIS 1335;
April 17, 1934, Promulgated
Petitioner acquired corporate stock partly for cash and partly in exchange for other property. He was not a dealer insecurities. He traded property extensively, but it is not shown that he engaged in such trading with intent to make a profit so as to make it a trade or business. Held that a loss sustained by reason of the worthlessness of the stock is not a statutory net loss.
Frank J.…
2Cases cited1 opinion
- McNeir v. CommissionerUnited States Board of Tax Appeals · 1934