holding that corporate stock was worthless even though the corporation held valuable assets because the taxpayer proved that corporate stock had no liquidating or potential future value
How later courts described this case
- holding that corporate stock was worthless even though the corporation held valuable assets because the taxpayer proved that corporate stock had no liquidating or potential future value
- noting that uncontroverted expert testimony that stock was worthless in a given year supported taxpayer’s worthless stock deduction
- including appointment of a receiver, cessation of normal business operations, bankruptcy, and liquidation as examples of identifiable events
- bankruptcy filing is an identifiable event indicative of worthlessness
Written by the judges who cited it.
The opinion
Fat, /., concurring: I agree with Judge Simpson’s concurring opinion, but in choosing a year I would agree with the majority that the loss was properly allowable in 1962.