United States Board of Tax Appeals October 24, 1933, Docket No. 37821. (Keck Inv. Co. v. Commissioner)

lead-opinion

*147OPINION.

Smith :

Although the petitioner claimed no deduction from gross income for the year 1923 in respect of an alleged loss on the exchange of 321,275 shares of capital stock of the Miley-Keck Oil Co. for shares of stock of the Pacific Oil Co., it alleges in its petition that the respondent erred in refusing to allow the deduction of a loss of $250,594.50 upon such exchange.