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J. H. WILSON, PETITIONER,
v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.Wilson v. CommissionerDocket No. 18157.United States Board of Tax Appeals 15 B.T.A. 536; 1929 BTA LEXIS 2832;February 21, 1929, Promulgated *2832Ward Loveless, Esq., for the petitioner.Harold Allen, Esq., for the respondent.PHILLIPS*536 PHILLIPS: The petitioner appeals from the determination of deficiencies in income tax of $2,808.56 for 1920, $202.92 for 1922, $681.76 for 1923, and $174.68 for 1924. The only error alleged is the refusal of the Commissioner to allow a deduction in 1920 of a loss alleged to have been sustained on the sale of stock of Nick-a-Jack Hosiery Mills.
FINDINGS OF FACT.
In the years 1918 to 1920, inclusive, the petitioner purchased 90 shares of the capital stock of Nick-a-Jack Hosiery Mills at a cost of $13,800. On November 29, 1920, he sold such stock for $2,000. In computing the deficiency for 1920 the Commissioner failed to allow any deduction for the loss sustained on such sale.
Decision will be entered for the petitioner under Rule 50 as to the year 1920 and for the respondent as to the years 1922, 1923, and 1924.
Document Info
Docket Number: Docket No. 18157.
Citation Numbers: 15 B.T.A. 536, 1929 BTA LEXIS 2832
Judges: Phillips
Filed Date: 2/21/1929
Precedential Status: Precedential
Modified Date: 11/20/2020