Case: Illinois Smelting & Refining Co., Petitioner v. Commissioner of Internal Revenue, Respondent
Abbreviation: Illinois Smelting & Refining Co. v. Commissioner
Decision Date: 1929-07-24
Docket Number: Docket No. 21180
Citation: 16 B.T.A. 1410
Volume: 16
Reporter: Reports of the United States Board of Tax Appeals
Court: United States Board of Tax Appeals
Jurisdiction: United States
Parties: Illinois Smelting & Refining Co., Petitioner v. Commissioner of Internal Revenue, Respondent.
Judges: 
Pages: 1410–1411

Head Matter:
Illinois Smelting & Refining Co., Petitioner v. Commissioner of Internal Revenue, Respondent.
Docket No. 21180.
Promulgated July 24, 1929.
O. John Rogge, Esq., for the petitioner.
Arthur Garnduff, Esq., for the respondent.

Opinion:
OPINION.
Siefkin:
The only question involved in this proceeding is one of fact and depends upon the ownership of the Delaware & Hudson Railway Co. stock sold in 1922. The proof is overwhelming that the petitioner did not own any such stock, but that its president used the petitioner's credit to purchase the stock on his own account and that of Mrs. Newberg. The determination of the Commissioner that the petitioner made a profit on the sale of the stock, therefore, is erroneous.
Jndginent of no ctefteiency will he entered for the petitioner.