# Pennsylvania Indemnity Co. v. Commissioner > United States Board of Tax Appeals · April 17, 1934 · 30 B.T.A. 413 URL: https://www.frixlaw.com/law-library/cases/4495170 ## Case - **Full name:** PENNSYLVANIA INDEMNITY COMPANY, v. COMMISSIONER OF INTERNAL REVENUE - **Court:** United States Board of Tax Appeals - **Decided:** April 17, 1934 - **Citations:** 30 B.T.A. 413; 1934 BTA LEXIS 1334 - **Precedential status:** Published - **Opinion:** Dissent by Steenhagen - **Judges:** Steenhagen, Smith, McMahon - **Cited by:** 7 later opinions in the Frix Law Library ## Citator (automated) - No negative treatment found by the automated citator. That is not the same as a confirmation that the case is good law; read the citing cases. - Full citator and citing cases: https://www.frixlaw.com/law-library/cases/4495170 ## Opinion text Steenhagen, dissenting: It seems to me that the Board has artificially construed the plain facts. The petitioner bought the securities from another corporation, which the statute treats as separate and unaffiliated, for a contract price of $666,967.37, the amount of which was paid. Nothing was said about a gift or a capital contri *418 bution. If the purchase price had been less, the selling corporation would have sustained a loss, deductible on its return. By the present decision, although the securities actually diminished in value and were disposed of at less than cost, neither corporation gets a deduction for the loss which was indubitably sustained. There is, in my opinion, nothing in the circumstances to compel such a result. GoodRICH agrees with this dissent. --- Source: Frix Law Library, https://www.frixlaw.com/law-library/cases/4495170. Public record. Not legal advice.