Mellon v. Commissioner
United States Board of Tax Appeals
1. The sale by petitioner of stock of the Pittsburgh Coal Co. to the Union Trust Co. of Pittsburgh was a complete and valid sale, giving rise to a legal deduction. 2. Respondent disallowed a deduction claimed on account of loss on sale of stock of the Western Public Service Corporation, on the ground that "the disposal of these stocks do not appear to be transactions on which losses may be recognized for income tax purposes."
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1. The sale by petitioner of stock of the Pittsburgh Coal Co. to the Union Trust Co. of Pittsburgh was a complete and valid sale, giving rise to a legal deduction. 2. Respondent disallowed a deduction claimed on account of loss on sale of stock of the Western Public Service Corporation, on the ground that "the disposal of these stocks do not appear to be transactions on which losses may be recognized for income tax purposes." Petitioner in his petition affirmatively alleged that petitioner did not, within "thirty days before or after the date of such sales, enter into any contract or option…
1Opinion of the Court
A. W. MELLON, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT. 1
Mellon v. Commissioner
Docket No. 76499.
United States Board of Tax Appeals
36 B.T.A. 977; 1937 BTA LEXIS 628;
December 7, 1937, Promulgated
1. The sale by petitioner of stock of the Pittsburgh Coal Co. to the Union Trust Co. of Pittsburgh was a complete and valid sale, giving rise to a legal deduction.
2. Respondent disallowed a deduction claimed on account of loss on sale of stock of the Western Public Service Corporation, on the ground that "the disposal of these stocks do not appear to be transactions on which losses…
2Cases cited31 opinions
- Gregory v. HelveringSupreme Court of the United States · 1935
- Burnet v. Commonwealth Improvement Co.Supreme Court of the United States · 1932
- Groman v. CommissionerSupreme Court of the United States · 1937
- Nicholson v. CommissionerUnited States Board of Tax Appeals · 1935
- Reese v. Philadelphia Trust, Safe Deposit & InsuranceSupreme Court of Pennsylvania · 1907
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