Shipley v. Commissioner
United States Tax Court
Sale of corporate stock at nominal price held not to result in taxable loss, where only evidence of value in prior years is corporation's book figures which are shown not to have any relation to actual value. Frank C. Rand, 40 B. T. A. 233, affd. (C. A. 8) 116 F. 2d 929, certiorari denied 313 U.S. 594, followed. B. F. Edwards, 39 B. T. A. 735, distinguished.
1Opinion of the Court
OPINION.
Opper, Judge:
The sale by petitioner of his stock in American Minerals Corporation for the nominal amount of $1 for 2,200 shares would not entitle him to a deductible loss in the instant year 1945 when the sale took place, if the stock had already become worthless in a prior year. Frank C. Band, 40 B. T. A. 233, affd. (C. A. 8) 116 F. 2d 929, certiorari denied 313 U. S. 594; Claude D. Cass, 32 B. T. A. 713, affd. (C. A. 8) 83 F. 2d 841. From 1939, the date of its acquisition, until the year of sale, we have no evidence of the value of the stock to sustain petitioner’s burden of proof.…
Also in this document: Concurrence.
2Cases cited2 opinions
- Rand v. HelveringCourt of Appeals for the Eighth Circuit · 1941
- Cass v. HelveringCourt of Appeals for the Eighth Circuit · 1936
3Cited by4 opinions
- A. Finkenberg's Sons, Inc. v. CommissionerUnited States Tax Court · 1951
- A. Finkenberg's Sons, Inc. v. CommissionerUnited States Tax Court · 1951
- Davis v. CommissionerUnited States Tax Court · 1955
- Shipley v. CommissionerUnited States Tax Court · 1951