Martin v. Commissioner
United States Board of Tax Appeals
Petitioners were directors of a corporation which sold certain stock upon which its customers sustained losses. Feeling morally bound to protect the customers, and fearing that criticism of their institution and themselves for having sold the stock would react unfavorably, they agreed among themselves, and so notified the customers, to indemnify them.
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Petitioners were directors of a corporation which sold certain stock upon which its customers sustained losses. Feeling morally bound to protect the customers, and fearing that criticism of their institution and themselves for having sold the stock would react unfavorably, they agreed among themselves, and so notified the customers, to indemnify them. Under the same agreement they engaged, as a syndicate, in trading on the market and the profits thus derived were applied to buying up the stock from the customers. Held, the loss sustained upon the purchase of the stock from the customers is…
1Opinion of the Court
CLIFFORD F. MARTIN, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
CHARLES W. POWER, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Z. MARSHALL CRANE, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
STANLEY P. BENTON, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Martin v. Commissioner
Docket Nos. 53837-53840.
United States Board of Tax Appeals
28 B.T.A. 741; 1933 BTA LEXIS 1075;
July 26, 1933, Promulgated
Petitioners were directors of a corporation which sold certain stock upon which its customers sustained losses. Feeling morally bound to…
2Cases cited1 opinion
- Martin v. CommissionerUnited States Board of Tax Appeals · 1933