Whitney v. Commissioner

OPINION.

Leech, Judge".

The primary issue, common to all petitioners, is whether the respondent properly denied to them any losses in the taxable year 1940 resulting from the sale of certain assets of the co-partnership of J. P. Morgan & Co. by virtue of the applicability of the provisions of section 24 (b) (1) (B) of the Internal Revenue Code.3 Petitioners concede that together they owned “more than 50 per centum * * * of the outstanding stock” of the trust company within the purview of section 24 (b) (2) (A) and (B), as added by section 301 of the Revenue Act of 1937.

On March 30, 1940, by an…