Hervey v. Commissioner
United States Board of Tax Appeals
1. In September, 1926, petitioner invested $100,000 in a syndicate or pool for the purpose of buying certain stock, which the vendors agreed to repurchase at a specified price, and as a guaranty of their agreement deposited a like number of shares of the stock purchased with the syndicate manager.
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1. In September, 1926, petitioner invested $100,000 in a syndicate or pool for the purpose of buying certain stock, which the vendors agreed to repurchase at a specified price, and as a guaranty of their agreement deposited a like number of shares of the stock purchased with the syndicate manager. In December, 1926, the vendors, being unable to repurchase the stock, paid to the syndicate $3 per share as a "present profit * * * in the transaction"; the petitioner received $19,354.80 of the amount so paid. Held, there being no sale of the stock and no diminution of the petitioner's capital…
1Opinion of the Court
W. R. HERVEY, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Hervey v. Commissioner
Docket No. 46806.
United States Board of Tax Appeals
25 B.T.A. 1282; 1932 BTA LEXIS 1399;
April 26, 1932, Promulgatd
1. In September, 1926, petitioner invested $100,000 in a syndicate or pool for the purpose of buying certain stock, which the vendors agreed to repurchase at a specified price, and as a guaranty of their agreement deposited a like number of shares of the stock purchased with the syndicate manager. In December, 1926, the vendors, being unable to repurchase the stock, paid to the syndicate…
2Cases cited15 opinions
- Kornhauser v. United StatesSupreme Court of the United States · 1928
- Burnet v. LoganSupreme Court of the United States · 1931
- United States v. IshamSupreme Court of the United States · 1873
- Cullinan v. Walker, Collector of Internal RevenueSupreme Court of the United States · 1923
- Great Northern Railway Co. v. CommissionerUnited States Board of Tax Appeals · 1927
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