Blizzard v. Commissioner

Board of Tax Appeals

Blizzard v. Commissioner

16 B.T.A. 242, 1929 BTA LEXIS 2615

CourtUnited States Board of Tax Appeals

DecidedApril 26, 1929

DocketDocket Nos. 13688-13690.

StatusPublished

Cited by1 cases

This text of 16 B.T.A. 242 (Blizzard v. Commissioner) is published on Counsel Stack Legal Research, covering United States Board of Tax Appeals primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Blizzard v. Commissioner, 16 B.T.A. 242, 1929 BTA LEXIS 2615 (bta 1929).

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Opinion

[243]*243OPINION.

MaRqttette :

The testimony in this case, which was taken by deposition, is voluminous and, as we conceive the issue, much of it is irrelevant. We have set forth in our findings above the facts we deem material.

The petitioner contends that he sustained a loss in 1922, due to the fact that the stock of the Green River Coal Mining Co. became worthless in that year, which he is entitled to deduct in computing [244]*244his net income. While it is probably true that the stock had no fair market or actual cash value in 1922, we do not consider that there was any completed transaction which may be considered as giving rise to gain or loss within the meaning of the Revenue Acts. The petitioner’s rights in the pro|)erty held by the trustees were identically the same rights in that property that were evidenced by the shares of the stock of the corporation. Whether a gain or loss will be realized or sustained by the petitioner depends entirely upon the final disposition of that property.

Judgment will be entered for the respondent.

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[243]*243OPINION.

MaRqttette :

The testimony in this case, which was taken by deposition, is voluminous and, as we conceive the issue, much of it is irrelevant. We have set forth in our findings above the facts we deem material.

The petitioner contends that he sustained a loss in 1922, due to the fact that the stock of the Green River Coal Mining Co. became worthless in that year, which he is entitled to deduct in computing [244]*244his net income. While it is probably true that the stock had no fair market or actual cash value in 1922, we do not consider that there was any completed transaction which may be considered as giving rise to gain or loss within the meaning of the Revenue Acts. The petitioner’s rights in the pro|)erty held by the trustees were identically the same rights in that property that were evidenced by the shares of the stock of the corporation. Whether a gain or loss will be realized or sustained by the petitioner depends entirely upon the final disposition of that property.

Judgment will be entered for the respondent.

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16 B.T.A. 242, 1929 BTA LEXIS 2615, Counsel Stack Legal Research, https://law.counselstack.com/opinion/blizzard-v-commissioner-bta-1929.

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