CHANROBLES VIRTUAL LAW LIBRARY
US LAWS, STATUTES and CODES : Chan Robles Virtual Law Library USA Supreme Court Decisions | Resolutions : Chan Robles Virtual Law Library

ChanRobles™ Virtual Law Library™ | chanrobles.com™   
Main Index Repository of Laws, Statutes and Codes Latest Philippine Supreme Court Decisions Chan Robles Virtual Law Library Latest Legal Updates Philippine Legal Resources Significant Philippine Legal Resources Worldwide Legal Resources Philippine Supreme Court Decisions United States Legal Resources United States Supreme Court Jurisprudence ChanRobles LawTube - Social Network

ChanRobles Internet Bar Review : www.chanroblesbar.com DebtKollect Company, Inc. - Debt Collection Firm Intellectual Property Division - Chan Robles Law Firm

Philippine Supreme Court DecisionsChanRobles On-Line Bar Review

google search for chanrobles.comSearch for www.chanrobles.com


HELVERING V. CHESTER N. WEAVER CO., 305 U. S. 293 (1938)

Subscribe to Cases that cite 305 U. S. 293 RSS feed for this section

U.S. Supreme Court

Helvering v. Chester N. Weaver Co., 305 U.S. 293 (1938)

Helvering v. Chester N. Weaver Co.

No. 304

Argued November 17, 1938

Decided December 5, 1938

305 U.S. 293

Syllabus

Payments received by a corporation as a stockholder in another corporation, upon the latter's complete liquidation, are to be treated as payments upon a sale or exchange of the stock under § 23 (r)(1) of the Revenue Act of 1932, which allows the deduction of losses from sales or exchanges of stock, not held for more than two years, only to the extent of the gains from such sales or exchanges. P. 305 U. S. 295.

Section 23(f) provides that losses sustained by corporations during the taxable year shall be allowed as deductions in computing net income, subject to the limitations provided in subsection (r); subsection (r)(1) declares that losses from "sales or exchanges" of stock which are not "capital assets" (as defined in § 101, i.e., property held by the taxpayer for more than two years) shall be allowed only to the extent of the gains from such sales or exchanges. Sections 115 and 112 accord to losses on liquidation the same recognition accorded by § 23(r) to losses upon sales. Cf. White v. United States, ante, p. 305 U. S. 281. P. 305 U. S. 295.

97 F.2d 31 reversed.

Certiorari, post, p. 585, to review a judgment reversing an order of the Board of Tax Appeals, 35 B.T.A. 514, sustaining an additional income tax. chanroblesvirtualawlibrary

Page 305 U. S. 294





Back
ChanRobles™ LawTube

google search for chanrobles.com Search for www.chanrobles.com


Supreme Court Decisions Philippine Supreme Court DecisionsUS Supreme Court Decisions



www.chanrobles.us




QUICK SEARCH

cralaw

Browse By ->> Volume


cralaw

Browse By ->> Year


cralaw

  Copyright © ChanRobles Publishing Company | Disclaimer | E-mail Restrictions
ChanRobles™ Virtual Law Library | chanrobles.com™
 
RED