Arrott v. Commissioner
United States Board of Tax Appeals
1. Petitioner owned several lots of shares of common stock of the American Radiator & Standard Sanitary Corporation represented by temporary certificates, which had been acquired by him at various prices and at different times, including a lot of 6,808 shares which he acquired in May 1929 upon the exercise of stock rights.
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1. Petitioner owned several lots of shares of common stock of the American Radiator & Standard Sanitary Corporation represented by temporary certificates, which had been acquired by him at various prices and at different times, including a lot of 6,808 shares which he acquired in May 1929 upon the exercise of stock rights. These 6,808 shares were continuously pledged as collateral with a trust company to secure payment of the money advanced to the petitioner to enable him to purchase the stock. The trust company commingled the temporary certificates representing these 6,808 shares with other…
1Opinion of the Court
OPINION.
Matthews :
The respondent determined a deficiency in petitioner’s income tax for the calendar year 1931 of $5,917.48. Three assignments of error are set out in the petition but, one of these having been disposed of by stipulation of the parties, only the two following-issues remain :
1. Whether respondent erred in applying the first in, first out rule in determining gain or loss on sale of certain stock by petitioner;
2. Whether respondent erred in taking the date of distribution as the date of petitioner’s acquisition of a legacy for the purpose of valuation in determining gain or loss…
2Cases cited2 opinions
- Helvering v. RankinSupreme Court of the United States · 1935
- Crone's AppealSupreme Court of Pennsylvania · 1883
3Cited by3 opinions
- Hitchcock v. United StatesDistrict Court, E.D. Michigan · 1940
- Arrott v. CommissionerUnited States Board of Tax Appeals · 1936
- Campbell v. CommissionerUnited States Board of Tax Appeals · 1939