United States Board of Tax Appeals June 12, 1925, Docket No. 1905. (Britt v. Commissioner)

lead-opinion

*57OPINION.

Trammell:

Upon the facts set out above, we are of the opinion that the several sales of securities therein referred to were actual and bona fide sales. Appeal of Pennsylvania Co. for Insurance on Lives and Granting Annuities, 2 B. T. A. 48.

There is no deductible loss on account thereof, however, unless the sales price was less than cost.