Case: Charles W. Nass, Petitioner, v. Commissioner of Internal Revenue, Respondent
Abbreviation: Nass v. Commissioner
Decision Date: 1926-11-27
Docket Number: Docket No. 2447
Citation: 5 B.T.A. 665
Volume: 5
Reporter: Reports of the United States Board of Tax Appeals
Court: United States Board of Tax Appeals
Jurisdiction: United States
Parties: Charles W. Nass, Petitioner, v. Commissioner of Internal Revenue, Respondent.
Judges: 
Pages: 665–666

Head Matter:
Charles W. Nass, Petitioner, v. Commissioner of Internal Revenue, Respondent.
Docket No. 2447.
Decided November 27, 1926.
Zach Lamar Cobb, Esq., for the petitioner.
George E. Adams, Esq., for the respondent.

Opinion:
OPINION.
Lansdon:
In conformity with section 283 of the Revenue Act of 1926, the motion of the Commissioner praying that this appeal be dismissed is denied.
The petitioner contends that he acquired certain stock in 1915 at a cost of $30,000. He sold the same in 1919 for $12,000, and thereby sustained a loss in the amount of $18,000, which, he avers, he is entitled to deduct from his gross income for such year. Since the stock in question was acquired subsequent to March 1, 1913, he must prove its cost at date of acquisition. He has proven simply the par value of the stock at the time of its acquisition. This obviously does not necessarily represent cost, and we are therefore without any basis for the determination of gain or loss upon subsequent sale in the taxable year.
Judgment will he entered for the Commissioner.