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Commissioner of Internal Revenue v. McCreery

Circuit Court of Appeals, Ninth Circuit
May 13, 1936
83 F.2d 817 (9th Cir. 1936)

Opinion

No. 8105.

May 13, 1936.

Petition to Review an Order of the United States Board of Tax Appeals.

Petition by the Commissioner of Internal Revenue to review an order of the United States Board of Tax Appeals redetermining deficiency in tax assessed against Richard S. McCreery by the Commissioner of Internal Revenue.

Affirmed.

Robert H. Jackson, Asst. Atty. Gen., and Sewall Key, Berryman Green, and Robert N. Anderson, Sp. Assts. to Atty. Gen., for petitioner.

John C. Altman, of San Francisco, Cal. (Willard L. Ellis, of San Francisco, Cal., of counsel), for respondent.

Before WILBUR, GARRECHT, and DENMAN, Circuit Judges.


The respondent claims a deductible loss for the taxable year 1930 resulting from a transfer by him of 957 shares Standard Oil Company of California, 661 shares Transamerica Corporation, and 160 shares Caterpillar Tractor Company, to the Burlingame Investment Company, a corporation organized in 1924 under the laws of California, in which the respondent owned all the capital stock. The stock was transferred at its then market value which was credited upon an indebtedness due from the respondent to the corporation. The Commissioner disallowed this deduction for loss, but the Board of Tax Appeals sustained the respondent.

The Board of Tax Appeals found that on December 30, 1930, "petitioner unqualifiedly sold his said shares of stock * * * to the Burlingame Investment Company at the closing market quotations shown on the San Francisco Stock Exchange on that date." New stock certificates were issued to the investment company dated December 31, 1930. In view of this finding as to an actual transfer of the stock to the corporation, this case is ruled by our decision in Commissioner of Internal Revenue v. Eldridge, 79 F.2d 629, 102 A.L.R. 500.

Judgment affirmed.


Summaries of

Commissioner of Internal Revenue v. McCreery

Circuit Court of Appeals, Ninth Circuit
May 13, 1936
83 F.2d 817 (9th Cir. 1936)
Case details for

Commissioner of Internal Revenue v. McCreery

Case Details

Full title:COMMISSIONER OF INTERNAL REVENUE v. McCREERY

Court:Circuit Court of Appeals, Ninth Circuit

Date published: May 13, 1936

Citations

83 F.2d 817 (9th Cir. 1936)

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