Nickoll v. Commissioner

MAJOR, Circuit Judge.

This is an appeal from a decision of the United States Board 'of Tax Appeals, filed January 8, 1938, denying -petitioner a claimed deductible loss in his income tax for the year 1933.

Petitioner, in 1924, organized the B. E. Nickoll Holding Company with a total paid in capital stock of $100,000 consisting of 1,000 shares of preferred stock of a par value of $100 per share, and common stock of no par value. Soon after its -organization, the corporation purchased an office building in Madison, Wisconsin for $300,-000, paying therefor $100,000 in cash and assuming a mortgage…