18 B.T.A. 81
United States Board of Tax Appeals
Decided November 9, 1929
United States Board of Tax Appeals · decided 1929-11-09
Petitioner, vice president and director of a corporation, made a loan of $20,000 to the corporation, such loan being evidenced by a promissory note and secured by certain stocks and bonds which were… Held: that whether there was a gain or loss in 1919 would be determined by the difference between the fair market value in 1914 of the securities sold in 1919 and the sale price in 1919.
Cited by 2 later decisions — most recently January 1951
Good law ✅— No negative treatment on recordhow we know
Decided 1929-11-09
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¶1dissenting: I dissent from that part of the opinion which sustains the action of the Commissioner in holding that the petitioner had a gain of $2,115. When all of the circumstances in this case are considered, it is quite apparent that the petitioner has not had any gain, but, on the contrary, has had a loss which he has reduced as far as possible by means of the collateral security which was in his hands.
¶2Teussell agrees with this dissent.